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My new money management rules made me a decent amount of pips this week. So lets get right into it!
Looking at the chart below;
My resistance line is at 1.3445 (T2) and support line is at 1.3383 (T1)
My range between support and resistance from 7 - 9 p.m. is 1.3445 - 1.3383 = 62 pips
From 9-9.30 p.m. Price hit my support line (T2) signaling me to go short or sell my EUR/USD pair.
(1st Position)
I entered a sell position at 1.3383 (T1)
My take profit target was 1.3383 - 62pips = 1.3321 (T3) See chart.
My stop loss was my resistance line (T2) at 1.3445
(2nd Position)
Between 9.30-10 p.m. price retraced all the way up to my midrange line (T3). I opened one more sell position at around 1.409 (T3).
By 10 p.m. price had already gone down making my second open position profitable.
10p.m.-11p.m. Price hits my support line at 1.3383 (T1) again and continued to plunge all the way down until it hit my Take Profit target at around 1.3321 (T3).
Both my positions ended up profitable.
Result:
From position 1,
1.3383 - 1.3321 = 62 pips
62 pips - 7 pips (spread) = 55 pips
From position 2,
1.3409 - 1.3321 = 88 pips
88 pips - 7 pips (spread) = 81 pips
Total pips in profit, 55 pips + 81 pips = 136 pips
Total profit in cash, 136 pips x $0.25= $34
Another happy week. Will be back next Monday to continue sharing my trades. You may like to bookmark this page or join my blog as a follower to see how my new money management rules play out in the long run.
Till my next post....
