Today CAD, GBP and JPY gave us decent profits but the remaining pairs did not quite make it to their targets. At around 11:00am, we saw a double bottom in GBP together with rising fast stochastics out of the oversold area. A trend reversal was underway. All open positions were reversing too so stops were moved to entry levels for each pair to prevent unecessary losses: the trend reversal meant that it was most unlikely the targets would be met and probable that stops would be triggered. By closing these positions at the same price we entered them, we can preserve capital and todays profits to trade another day.Wednesday, 12 November 2008
Wednesday Wrap Up
Today CAD, GBP and JPY gave us decent profits but the remaining pairs did not quite make it to their targets. At around 11:00am, we saw a double bottom in GBP together with rising fast stochastics out of the oversold area. A trend reversal was underway. All open positions were reversing too so stops were moved to entry levels for each pair to prevent unecessary losses: the trend reversal meant that it was most unlikely the targets would be met and probable that stops would be triggered. By closing these positions at the same price we entered them, we can preserve capital and todays profits to trade another day.
