Based on my 04.03.2014 USDX mandate, I called for a buy at 79.94. The price of 79.94 was tested twice on the same day and manage to go up during the US market session. When I woke up the next morning, I saw that the first level target was hit at 80.21. That level is marked as point A in the chart. The balance of the trades were then placed at one pip stop profit. Subsequent price action saw that we got stopped out with one pip profit.
Based on the 04.03.2014 Eurusd mandate, I called for a short in the EURUSD at 1.3759. However during the ECB news session on the 5th of March, prices closed bullish and eventually closed above 1.3823. I was very skeptical with the price action on the 5th and called for a protection of our trade by placing a 1 pip stop profit on my whatsapp group.
The 1 pip stop profit call was a good call and instead of staring at a loss, we got out with a pip profit. Price action rule.
I sold EURUSD at 1.3759. I would be taking forst profit at 1.3687 and like the USDX trade, I would check on price action during then before deciding to prolong the rest. Stop loss is a close above 1.3823.
I bought USDX at 79.94. My first target would be 80.21. After taking profit at the first level, I would then decide whether to prolong my trades based on the price action then. Stop loss is a close below 79.69.
Based on my mandate dates 20.02.2014, the Dollar Index hit the targeted area at 80.47 on the 27th of February, 2014. The area which is highlighted in grey and marked “A”. A nice 38 pips.
Disclaimer: Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Piptree.Com, it's employees, directors or fellow members. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, spot forex, cfd's, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.