Update on GBP/USD, EUR/USD Positions

June 2, 2008 22:45 by JEB

My GBP/USD short position that I opened last week waffled around my entry price for several days.  Friday it had gone against me and closed in on my stop, but then Sunday evening it opened back down near my entry and even moved in my favor past my entry.  I took this opportunity on Sunday night to move my stop to breakeven, so as to not lose any money on a trade that hadn't done much the past few days.  Well, late last night the pair barely hit my stop, before dropping over a hundred pips over the course of a couple hours.  So, I ended up with a scratch trade, but I'm satisfied with that, since I was able to protect my capital.  Sure I left money on the table, but there will be other opportunities.

I opened a long position on EUR/USD early this morning, as the pair appears to be bouncing off of the rising trendline.  This is currently my only open position, and hopefully it will move in my favor.

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Categories: Discretionary Trading
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