October 15, 2008
By: Stephanie
The player will show in this paragraph
Profit for the day: $5,626.98
We had a lot going on today. If you watched yesterday, we told you that we were looking at shorting GBP/USD, EUR/USD, and USD/JPY. We also talked about going long on USD/CHF. Well, thats what we did.
We were short GBP/USD for 2 lots since yesterday. We went short at 1.7382 with an initial stop loss set at 1.7485. Because of our trading method, we didn't pay much attention to it all day, until about a half hour ago. Wouldn't you know it? We closed out half our position at 1.7181 for a cool $2,010.00! We let the other lot ride and set a 45 pip trailing stop so we can protect most of our profits if the downtrend should reverse.
We also went short 2 lots on EUR/USD at 1.3559 yesterday. To protect ourselves from excessive risk we set an initial stop loss at 1.3627. Our trading method was right again! After the NY market closed, we closed out half our position at 1.3459 for an even $1,000 profit! Once again we set a 45 pip trailing stop on the other lot to protect our profits on the open position.
Our third trade from yesterday was USD/JPY. We shorted 2 lots at 101.42. The first lot we closed out at 100.19 to take profits. That netted us $1,227.67, and we set a trailing stop at 45 pips as the price continued to drop. But then the price reversed, hit our trailing stop, and closed out our other lot. The trailing stop hit at 100.03 for a profit of $1,389.31.
Unfortunately, the swissies aren't cooperating. {pout} It looks like the bulls and the bears are battling hard, but the bears have a slight advantage. And we haven't been stopped out yet! Yay!
So, we still have 1 lot EUR/USD open on a short position, which currently has a profit of $890.00, and 1 lot of GBP/USD shorted with a current profit of $2,060.00. We also have 2 lots of USD/CHF open on a long position, which isn't going very well. The swissies are at a loss of $476.57 each.
So, what this means is that we've closed out some of our positions for a 24 hour profit of $5,626.98. The rest of the positions are still open with a working profit of $1,939.44. But hey, who's counting?
Thats our trade review for today! Check out our daily trade picks to see what we will be trading for tomorrow!
