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So here is how my chart on my easy-forex platform looked like yesterday.
As you can see, my high price between 7-9 p.m. (GMT +800) was 1.4358 and my low price was 1.4273.So my take profit target would be 1.4358 - 1.4273 = 85 pips.
My stop loss target would also be 85 pips.
Looking at the chart again, you can see how the price hit my 1.4273 line, signaling me to go short.
Thus, my take profit target would be 1.4273 - 85 = 1.4188
However, I have a confession to make. I had a tiring day yesterday as it was our Annual General Meeting at my work place yesterday. I came home, set up my chart and I FELL ASLEEP!
I woke up at around 9.50 p.m. and rushed to my comp.
As you can see from my chart, between 9-10 p.m. price hit my 1.4273 line, signaling me to go short.
So I immediately placed a sell order at the open of the 10.00 p.m. candle. Looking at the chart, you can see that I entered my short position at 1.4296 at 10.00 p.m.
However, I did not change my take profit or stop loss targets. I just prayed and kept my fingers crossed. I shut down my comp and went back to bed. (Did I mention? It was a tiring day?). Trading on my easy-forex platform enables me to shut down my computer and leave my trade running until it hits my take profit or stop loss targets.
Today, I looked at my account and was pleased to find that my trade had been profitable. :)
Look at the chart again. Between 1 - 2 a.m. the price hit my take profit level at 1.4188 and continued falling.
Thus, my profit for the day was:
1.4296 (short entry) - 1.4188 (take profit target) = 108 pips
108 pips - 7pips (spread) = 101 pips
I traded on the $2500 account ($0.25 per pip)
Thus, my profit in cash was:
101 pips x $0.25 = $25.25
Happy ending for me. :)
I will stop trading this week on that happy note. I will see you guys next Monday on a brand new year of 2009!
HAPPY NEW YEAR EVERYONE!!!
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