December 11th 2012
Maybe the correction is over and we are grinding out the start to a new upwards trend.
Yesterdays trades were against the strategy rules, so today I will only be taking long positions to see if I can redeem myself.
Just goes to show that the market can go against you for a lot longer than you have money in your pockets, so there is no point trying to fight it.
To me the broader out look of the chart looks like we are in a corrective phase still, though every impulse has to start somewhere and this could be it.
The EUR/USD is making higher highs and higher lows, so if it breaks the channel to the upside I’ll take a long and put my stop under the latest swing low.
The rules today are, follow the direction of the Daily Open – Daily Pivot (Bullish) , place the stops under the previous swing low.
Quite a long trade run today. I manually closed out in the end as I was happy to recoup my losses from yesterday and make a little more.
The following charts are how the trade progressed , culminating in a channel break which prompted me to close out the orders.
In total 40 pips was made to day and a risk reward close to 1:2