May 1, 2015
An opportunity to short EURUSD, long Dollar Index (USDX) arose on Friday. The team was alerted for this level about 3 weeks ago. The trade was discussed over our Whatsapp group and weekly meeting. The following Whatsapp message came along approximately 75 minutes before the possible entry.
From the picture above, price action only reacted to support and resistance level that was identified earlier at 1:00am. Entered and retired to bed.
Monday came, prices did not move much as expected as European market had not come into action, no until 3:00pm. A confirmation message was received on Whatsapp from the guru.
First level profit was achieved for the EURUSD trade and pocketed 60 pips (ok, 60 points in laymen’s term).
Exited 50% of the EURUSD sell trade and held the remaining with protection stops shifted to conserve profit taken earlier.
May 6, 2015
The USDX (Dollar Index) was one pip away from hitting my target and reversed. The price action indicated that the reversal could be a strong one. Hence, a call was made by our trading team to breakeven our USDX trades. I am glad that I managed to see the same thing as communicated by the team, an indication that my skills are improving.
Soon, USDX price reversed and took our trades out and went down much lower than our entry price. Phew...that was close.
On the other hand, I was luckier with the EURUSD trade, with 120 pips in the money in the morning. I was able to take out our trades in profit even after the reversal that took place in USDX.
At around 10.02pm, we all received a reminder to take our EURUSD sell trades off, which we did. The EURUSD reversed all the way up way above our entry price. Would have made only a pip if I did not take the trade off.
Happy "Pipping".
Chin Yin Kean
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