Wednesday, September 3, 2008


Lat entry on this, I was watching it for 2hours for this entry, but it didn't line up, I took the GBP/USD coorelation on this EUR/USD trade

entry1@ 13
entry2@ 17
avg entry@ 15

stopped out at 10
-5pips.
Somethings to note: my kid came home right at this time, so had to leave my stop at 10, I could likely have averaged down for a profit since my size was really small and walked away with a profit even on a 3pip bounce from 10.

Also note, rising trendline was respected when in fact i expected a lower support, then note the pnf chart of double bottom(the dbl bottom line was not drawn yet, but it support was there for the dbl bottom. Swing point to swing point was 50pips. At the peak of my trade i was in a net +10pips. Due to the late entry I should have recognized the coming support and scaled atleast half.

Shot of S&P 500, we could have a USD bounce, also note the increased volume on the daily candlestick chart, but failed to make new lows, signaling a possibility of bounce at support.

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