Trading software

Friday, July 27, 2012

Trading the Euro currency

The EUR/USD trade I done yesterday is nicely in profit - I bought at 1.2153 and we are now trading around 1.2365. Good news then. But the bad news is that my stake was tiny at 20c so that means my current profit is only €42.40 on the trade. But it was never meant to be a big stakes trade so I'm happy enough with how it is going and if I bank even a pony (€25) by the end of it, that's fine. Pennies make pounds and I'm in no rush. 

Open trade:

My get out strategy is based on the candlestick charts and will use a two-day trailing stop. It's kinda hard to explain as I haven't yet been in the trade two days but tomorrow, my stop loss will be moved to yesterday's lowest wick on the candle. Then the day after, today's lowest wick will be the get out point and so on.
EUR/USD daily chart as of 3.10pm today:

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