Trade #4: Headed Into Negative Territory

April 24, 2008 02:59 by JEB

My long EUR/USD position headed into negative territory today.  In retrospect, I don't think I should have entered this trade (and not just because it's now negative).  I placed my entry order last week, and when it wasn't hit the next day, I just left it out there, thinking that if it breaks the high that it will continue on going.  However, the top edge of the triangle has continued to rise with each day, and it caught up with my entry order yesterday.  So my entry was no longer beyond resistance, but rather right at resistance.  However, with the down day today, I'm still within the triangle and I'll give it another day before exiting.

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Categories: Discretionary Trading
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