Thursday, August 17, 2006

I've Waited Patiently For This Setup

Yesterday, I missed my opportunities to trade.

Late in the day today (around 4pm), I noticed some serious actions in buying the dollar even before the release of Philadelphia Fed report at 5pm. The trading signals appeared on my screen and I took them without hesitation. I immediately opened two long USD positions:

Long USD/JPY at 115.56
Long USD/CHF at 1.2270

Less than 3 hours later, both positions were closed at 115.97 and 1.2324 for +41 and +54 pips. The Philly number indeed helped to support the dollar.

I could have easily netted extra pips +15 and + 12 if I followed my new set of exit rules. Anyway, I have done enough for today.

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