Greetings. I was thinking of documenting my trades here on the blog in a sort of “trading journal” and this post shall be the first “beta test” of this new idea.
Ok, well, as you probably can see EUR/USD is on the move again. It looks like risk appetite is back in full swing and traders are pushing up the common currency past the 1.30 psychological number as I type. I was fortunate to get a piece of this trend at around 1.2875 with two separate lots – this is on a live account by the way, so I’m riding the money train for now. Here is my trade in action:
At the moment I am thinking that this is the beginning of a new short term uptrend, and higher highs are probably going to be tested. Thus I am trailing all my positions with a pretty loose trailing stop (90 pips.) I’ve already locked in some profits just in case there is a reversal. This is no sure move as I’m uncertain as to whether the 20 period MA will cross the 50 period MA on the daily chart (20 period EMA, 50 period SMA). It is very close to crossing over I may add, but just not quite there yet. Also the 100 period MA has not been crossed or touched by price yet, so as it stands I don’t think this is an established trend.
Let’s see what the next daily candle brings.
Until then, I wish you all profitable trading!