Trade 24 - GBPUSD - 12 Oct 2012

As per analysis on 10 oct 2012, we were looking to go short. I, initially, jumped into short position with 1/3 of my usual lot size at 1.6030 with stop loss 50 points at 1.6080 and target at 1.5910 and stopped out of it.

I am trying out a  new strategy here. When I opened above position, I have placed another short order at 1.6070 with stop loss @1.6120 with target @1.5910 and it got hit as writing this log.

Profit/Loss
16-Oct-2012
-50 - short @1.6030 SL@1.6080
-70 - I had opened short @1.6040 with SL 1.6110.
-50 - Short @1.6070, -> As per strategy, opened short at 1.6110
-50 - from previous short, took another dig atshort @1.6150


= -220

Trade 23 EUR/USD - 15 Feb 2012 - 50 pips profit

Short at 1.3165 SL - 1.3215
TP - 1.3115

Reasons for taking profit;
1. Down channel
2. RSI near to 60
3. Candlestick reversal pattern.

Trade 22 GBP/USD - 15 Feb 2012 - 25 pips loss

Short at 1.5698 SL - 1.5721
TP - 1.5648

Reasons for taking.
1. Downward channel
2. RSI touching 60
3. Candlestick reversal pattern.

1hr chart

5min chart

Trade 21 GBP/USD - 14 Feb 2012 - 50 pips profit

Based on RSI strategy, entered long at 1.5677, target 1.5730, stop loss 1.5627

Profit target hit.

Trade 20 EUR/USD - 14 Feb 2012 - 40 pips loss

Based on the trendlines in the chart below, took long even when RSI did not dip below 30.

Trade 19 EUR/USD - 10 Feb 2012 - 50 profit

Still continuing to play RSI strategy, The RSI had dropped below 30 and saw candlestick reversal pattern.

Placed the limit buy even when we are at the near of weekend closure

Profit +50 pip

Lesson:

You can take RSI strategy if the setup is correct even when you are going into weekend closure.

Trade 18 AUD/USD - 9 Feb 2012 - 50 loss

I am still continuing to play RSI level strategy. Since RSI on 1hr chart has touched 70 before dropping, I had assumed bullish trend and was looking to go long on reversal once RSI touches 40.
It happened last night and I placed limit buy order at 1.0785 with stop loss at 1.0735 (50 pips away) and the target is at 1.0870 which is channel resistance.

The point to be noted is the price had come close to 2 pips of stopping me out. This makes me think, I might need to wait further for RSI to reach 30 and look for reversal

I am stopped out on this trade for the loss of 50 pips loss.

However the point to be noticed here is the trade had gone about 35 pips in favor before reversing and stopping me out.

Lesson to be learned:
Once the trade goes to 30 pips in favor, move the stop loss to break even