Thanks guys,
Your advice and feedback is great
I am only trading for significant lengths of the following 3 weeks as it is the break between the two semesters of University. As always University will be my top priority as Doomberg suggested
For those of you interested I aced my stats 108 exam on Friday morning and hit the clubs that night with my fellow students for an epic pub crawl to celebrate the end of exams! I can't remember much of it but I heard good things.
However its the next morning and along it the hangover you discover you phone with a few extra contacts that you scratch you head wondering who exactly they are. Ah well I have built a bridge and moved on, my bridge even has a tram line
Anyway to business, So to recap I added another $1000 to my account this morning totaling its worth to being $ 2,505.00. This is because I figured it was enough to get some good safe leverage with decent returns. I calculated that trading a lot size of 30,000 would risk around 5% per trade at 30% SL which I am willing to risk and prepared to loose.
Looking up the same pairs I was following in the past week which are the euro/usd, gbp/usd and the usd/chf. Based on the charts I decided that the euro was still vulnerable to bad news on the debt crisis and could see a possible bullish RSI forming. Therefore I went for it at an entry of 1.4240 and put a SL of -35 pips and TP of 40. Next I traded the gbp/usd buying it at 1.6160 setting a SL of -50 which hitting that level of 1.6100 I believe would have caused it to further decline. The TP at 70. The usd/chf I decided to leave out as at the time it was not volatile enough and I also did not wan't to increase my margin any further. Here are the results below,
6/20/2011 Buy EUR/USD 30,000.00 1.4245
6/21/2011 Sell EUR/USD -30,000.00 1.4285
So this ended in a
40 pip profit after a rough start where the SL was only a few pips away from being triggered.
6/20/2011 Buy GBP/USD 30,000.00 1.6160
6/21/2011 Sell GBP/USD -30,000.00 1.6190
As you can see I only made a
30 pip profit as I sold it prematurely due to my target of 30 pips total for the day being clearly met and looking at the chart was a little doubtful on it hitting that overextended 70 pips.
So altogether making 70 pips overall I brought in
$260 bringing my total account's value toward a pleasurable
$2760
However as I have won the last 3 trades I assume a loss will be soon to follow.
p.s The usd/jpy ended up increasing in value like I thought last Thursday night my time.[/I]