February 20, 2009
By: Danelle
Our profit for the day? $1,248.88!
We tried to place some channel trades based on the impending news release about the Core Consumer Price Index. As we stated in our Angel Pair Picks, it is extremely risky, even for seasoned expert traders.
The original trades we set up were too close to the market price. As the news was released, the prices of the pairs we targeted whipsawed. Some of our orders triggered on both long and short positions. Others triggered and then went against us. We decided to close all our positions and re-evaluate the charts. We took a loss of $1,100, but sometimes you have to be willing to cut your losses short in order to make better trades. Our channel trades would have worked out well, had we not placed the orders so close to market prices.
Once we found some potentially profitable trades, we placed orders to go short on USD/CHF and USD/CAD at market. You can see our trade history in our Diaries.
Our profit for the day? $1,248.88!
Thats our trade review! Check out our Angel Pair Picks to see what we will be trading for tomorrow!
