"Take Risks: If you win, you will be happy; if you lose, you will be wise. Nothing ventured, nothing gained."

Wednesday, March 17, 2010

17 Mar, Eur/Usd - Riding the Trend

Didn't really see smooth trend among other pairs other than the euro against the dollar. A smooth downtrend after making a day high of 1.3817. Joined in the ride after candle closes, but price didnt give in as easily as the way i put it. Much struggle between buyers and sellers throughout.

Session: London, New York crossover.
Duration: 1 hour 30 minutes.
Timeframe: 15M.
Technical: Fibonacci.
Fundamental: Nil.
Strategy: Sold on downtrend after slight retracement. S/L placed at 50% fibo, no T/P set. Monitoring the price closely for manual cashing in.



Entry.



Well, no more bear candle right after i short, sometimes price can so cruel. I did two average-in losers that picked up +5 each.



After which, price continue to make its way down to a day-low, that serves the fundamental rule of fibonacci retracement level imperfectly, in my favour.

+23 pips.

Black

2 comments:

春天來嚕 said...

thank you for you to make me learn more,thank you∩0∩

Black said...

you're welcome, thank you for dropping by. =)

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