February 23, 2009
By: Lisa
The player will show in this paragraph
Our profit for the day? $737.14!
Hi everyone. It's February 23rd, 2009 and I want to review our trade action from today...
Well, our picks were doing really well at the start. We had watched them all move in our direction until we were at about a $3,000 floating profit. In order to lock in some of those profits and protect ourselves we moved our stops into the profit zone. But we didn't want to stop ourselves out early, so we didn't move them too close, just into the profit range. We left ourselves about 50 pips room for each pair to move.
Unfortunately, the pairs all reversed, and each of them got stopped out on our new stop losses. Had we moved the stops closer, we would have gained more profit. Of course, the last time we moved stops too close, we were stopped out early and missed out on some larger gains. Sometimes, it is a tight line to walk, to figure out where to put the stops.
However, the bottom line is that we were profitable on all three trades.
The EUR/USD was up over 50 pips from our entry point. We moved our stop into the profitable range, but left room for some play in the market. Unfortuantely, it dropped low enough to stop us out at 1.2878, before climing over 100 pips to a high of 1.2991. The good news is that since we moved our stop into the profitable range, we did manage to profit even when the pair dropped like a rock over the last 8 hours of the day.
GBP/USD behaved the same way, but we had moved the stop up to 1.4542. We did get stopped out just before it rose to its day high, but the pair reversed and dropped down below our entry point. So another trade saved by moving our stop into the profit zone.
Finally, USD/JPY also showed the same movement. After falling to a low of 92.75, the price reversed and hit our stop which we had moved to 93.33. We only gained 5 pips on the pair, but seeing as how the price reversed and climbed to a high of 94.94, we are glad to have stopped out for a profit.
Our profit for the day? $737.14!
Thats our trade review! Check out our Angel Pair Picks to see what we will be trading for tomorrow!
