Sunday, September 30, 2007

Forex Futures Trades


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I shorted the Euro Futures just before 730pm (PST).
Short E6Z7 @1.4285, stop @1.43, target 1.425

I shorted the British Pound Futures just before 715pm
Short B6Z7 @2.0423, stop @2.043, target 2.039

updates as the trade evolves.

UPDATE (715a PST): got stopped out on both trades. The sad part is that both trades were profitable before I got stopped out, which means that I should have considered using smaller profit targets. My original intention was to place the trade, and hold it through the night. Unfortunately, I never made it past midnight with these trades.

Also, I probably entered the trade in Cable too early, as the real down move in Cable did not begin until after midnight. I am beginning to see a pattern in Cable's behaviour emerge, and will look for this pattern in the upcoming days to see if it is a solid, trade-able pattern.

With Euro, my stop was too tight. That and I also entered the short trade a little too early. Euro would have actually hit my profit target.

I do want to hold these forex futures positions overnight, so I will try again either tonight or tomorrow.

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