Tuesday, November 11, 2008

Another day another dollar....or two move!

Todays open at 6am is 15656
We're still i our trade and showing a profit. The 7am bar is making a lower low than the 6am so we will move our stop accordingly. The high is 15660 so 15802-15660 = 142 /2 = 71
New stop is 15731
We've now locked in a profit (in theory) and hope for the trade to run lower.
Exit will be on a reversal signal or when stop is hit.
THe 8am bar made a lower low (just 15566 vs 15569) so we can lower our stop again.
The high of the bar was 15643 (15731-15643=88 /2 =44) so our new stop is 15687
We have now locked in a profit of 90 pips which gives us a R:R of 1.63 so for (90/55)
No lower low for the 9am bar but we do have another IB
8am range 15566 - 15643
9am range 15575 - 15631
Sell stop placed at 15571
stoploss at 15635
4.5 lots (293 / 64 =4.57)
I have just taken the previous balance as no profit or loss has been banked yet.
Trade triggered almost immediately, lets see what happens....
The 10am candle made new lows so we can move our stops accordingly.
The high was 15625 so our original trade we move the stop to 15656 (15687 -15625 = 62/2 =31)
and our second trade to 15630 (15635-15625 = 10 / 2 =5)
I would not have been too keen to take the second trade seeing how far cable's already fallen without any pull back but we just have to follow the rules and see what happens
No lower lows but another inside bar
10am range 15625 -15507
11am range 15596 - 15527
So a sell stop at 15523
stoploss at 15600
3.8 lots (293/77=3.8)
Order cancelled at 1pm if no trade
All other stops stay the same.
I don't have much hope for this trade succeeding if triggered but we can but try.
Our trade was not triggered and cable has gone above our stop so the order is cancelled.
The other two stops will stay where they are as no lower lows.
Stopped out of our 2nd trade (short @ 15571) at 15630 for a 59 pip loss per lot, 4.5 lots = - $265.5 or 2.72% of our account
we were almost stopped out of the original short as well, coming within 2 pips! Just made a lower low at the close of candle so we'll move the stop accordingly:
Candle high 15589 so new stop (15656 -15589 = 67 / 2 =33.5 so round to 34) 15622
New lows again so we can move our stop down further
Candle high 15508 so stop to 15565 (15622-15508 = 114 /2 = 57)
We've now locked in 203 pips so thats 3.69% R:R if we get stopped out.
A shame that we got stopped out on the other trade but thats what happens sometimes.
So far we've taken 3 trades
- $230.85
- $265.50
+$1075.9 (If stopped out)
so our running total is
+ $579.55

No comments: