I was asked this question by email today. The answer is easy: I’ll take the meager profit of 30 pips and feel happy with it. Also, I will open another short with a 206-pip stop loss as per my trading plan. The fact that at one point this position (#157) was making over 600 pips, and now (if my SL gets hit) I would have to take in just 30 pips doesn’t bother me at all. I’ve got some rules and some discipline. I really do believe that anybody who’s long the euro is in for massive trouble. Therefore, I’m short. Target unchanged – 1.00, or parity as smarter heads say.

Posted in Forex Trades | No Comments »

Miraculously my EUR/USD short position’s stop loss (at 1.3241) has remained intact. So far, that is. EUR/USD is currently down at 1.3150/60

Headlines of the sort Crisis is of “violent,” “unprecedented” kind (French Finance Minister) and ‘Greece faces “the spectre of bankruptcy and all the dire consequences that entails” (Greek Prime Minister) must have helped the Euro take that little dive from 1.3220 to its present value.

Here’s the 4-hour chart of the euro/dollar forex pair as of right now:

Posted in Forex Trades | No Comments »

The forex market show no mercy for my EUR/USD short position. It looks like every time it appears that it’s renewing the downtrend it gets a massive push upwards. Should I close my position now keeping a profit of over 100 pips? Nah! Never. There’s nothing I can lose with this trade.

I’m moving my stop loss from 1.3271 (which is also my entry) to 1.3241 to guarantee a 30-pip profit.

Here’s the 4-hour chart of the Eur/Usd forex pair as of right now:

Posted in Forex Trades | No Comments »

Ok, maybe now I could say that the bears finally took over and we will resume the move downwards to parity.

Just a reminder to those who have not followed this amazing trade of mine. I took a short at 1.3271. That’s where I moved my Stop Loss eventually. My take profit is set at 1.00

Here’s the 4-hour chart of the Euro Dollar forex pair as of right now:

Posted in Forex Trades | No Comments »