February 27, 2009
By: Danelle
49 wins, 17 losses, and up 75%
Hi everyone. It's February 27th, 2009 and I want to review our trade action...
We were short on GBP/USD. Our entry price was 1.4266 and we were supposed to set a profit target at 1.4120. Well, the price dropped all the way down to a low of 1.4109. However, we didn't trail a stop, and we didn't have a chance to check on the price throughout the day. Unfortunately, even though the price past through our profit target, we had forgotten to add that to our order. Then the price reversed and skyrocketed at the end of the day. So, instead of a $1,400 profit, we got stopped out at our original stop loss for a $930 loss.
As for the EUR/USD, we entered at market at 1.2706. After a little rise, the price moved down to a low of 1.2602. Unfortunately, this was just 4 pips shy of our profit target. However, we are still in the money with a floating profit of almost $600.
We entered AUD/USD at 0.6436. It also went down as our trading methods predicted. While it appears to have reached our profit target of ).6337, our take profit didn't execute. Perhaps it didn't trade at that price long enough to execute. We will have to check with our broker to find out. However, we are currently still floating a profit of almost $800. We'll have to wait until the market opens on Sunday to see where the price goes from here.
Our position on USD/CAD work out well. We entered the market at 1.2545 and the price rose all the way up to our profit target of 1.2667 for a quick $960 profit. However, we only placed an order for one lot, so missed out on the continued move. The price is currently at 1.2721, which means we could have had even more profits had we place that second lot order.
The USD/CHF trade would have been profitable as well. Market price at the time we passed on this trade was around 1.1650. The current price is 1.1697, but the pair had reached as high as 1.1759. This means we would have hit our profit target for a cool $1000 or so per lot.
Our profit for the day? -$33.13. However, we have a floating profit of $1,294.20. Our current stats for the month? 49 wins, 17 losses, and up 75% on our money.
Thats our trade review! Check out our Angel Pair Picks to see what we will be trading for Sunday! Good Trading Guys!
