Last Friday, the 100-pip EA system entered its last positions of the week with the major pairs in the GBP/USD market. The EA entry prices that we picked up on different MT4 trading platforms are as follows:
Alpari Short @ 1.7637
Interbank Short @ 1.7682
As you can see, there was a huge price discrepancy between the two entry prices. My two positions were filled by Alpari at a poor timing interval, and consequently they had incurred a maximum loss of 60 pips. Interbank results were actually fairing much better. Both of the positions had recorded a combined loss of only minus 20 pips (i.e. 40 & -60 pips), as we were given a chance to lock in a fast profit of 40 pips within the first 10 minutes of price entry.
Nonetheless, their final exit prices were at lows 1.7697 and 1.7742 respectively. Since then, the GBP/USD continued to rally another 400 pips above the 1.8100 level within a matter of hours and into the opening on Sunday. Read why "the US Dollar tumbled and how Lehman woes shift view on Fed rates".
The latest technical data (as of Sunday, Sept 14) has informed me that the US dollar is finally at a crossroads. I am thankful that we were able to make lots of good profits since late July based on the daytrading/sentiment approach. We'll continue to monitor the market situations and will therefore remain on the sideline based on the current Neutral stance, i.e. not dealing with any of the major currency pairs, at least for Monday trading.
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