Totday I planned on sleeping in after I went out last night, but luckily somebody woke me up just in time to catch a nice, but kind of risky trade. :)
The signal occured at around 8:00 AM GMT, and trading it meant using a big SL. If you use Fibbonacci, you would have noticed that the candle before the signal closed right above the 61.8 level, which is anything but encouraging. The second candle, which also gave the signal, opened under 61.8. On top of all this, we had a news event at 9:30 AM GMT, ( U.K. PMI service Jan ) which pushed the risk factor to the limits. I almost didn't enter the trade, but I said to myself that I'll stick around, keep an eye on the chart, and exit before 9:30. That was not the case.
I had to go out for about 2 hours. When I got back, the news came an went, without much hassle, and my trade was closed at +45 pips. :)
Signal at 8:00 AM GMT / 2.05.2008
Entry : 1.9722
SL : 1.9767
Target : 1.9677
Outcome: +45 pips
That's It for today, I'm off to work in a couple of hours,
hope I can catch one or two more trades this week. ;)
Good luck trading!
