27 March 2008

USD/JPY - BUY @ 99.54 Another 10 pips PROFIT

Hello friends,

Today was another good day for trading. There are some things I would like to explain about staying on a trade or not, entering or not on some points.

Here is the successful chart:

2 EMAs crossed @ 6.30 GMT
MACD turned up @ 8.00 GMT
RegChan broken @ 8.30 GMT

At 9.00 GMT price retraced and W%R gave the signal by going bellow -20 level
Price was above the 2 EMAs
BUY Order: 1 lot @ 99.54
Time of trade: 10 minutes
Target reached: 99.64
Profit: 1 lot x 10 pips x $10/pip = $100

So that was all my trading for today, I have to go now, but not before explaining why I didn't enter on EUR/USD or GBP/JPY.

I attached the 2 charts of those 2 pairs.

Why I didn't enter ? Because W%R crossed with RSI indicator and for me that's not good and the price can move against me. I rather look on other pairs to see any opportunity than to enter with fear or hoping for a good trade. GBP/JPY is a pair where I have 4 pips spread and I don't trust it very much because it can move 50 pips in 10 seconds.

I hope you will understand from the charts.

Happy PIPpin' !

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