How I gained $50 from trading the EUR/USD today

Forex Trading Nigeria

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Posted by on Tuesday January 3, 2012 16:48:48:

I just thought I should share a trading experience I had today with the EUR/USD. It was a bullish day and this was also helped by good reports from the usd and the rising threats to the US dollar.

Well here are tools I used:
- Private Internet connection
- Battery powered pc
- Economic calendar from http://www.forexpros.com/economic-calendar/ to monitor reports
- An ear on bloomberg news. see http://www.bloomberg.com/news/currencies/

Strategy
- Multiple shorts worth $1 per pip
- Take profit 50, Stop loss 100
- Time frame 3 hrs. Exit b4 news by 4 pm


I waited for eurusd to peak before opening a short sell from about 1.3030, 1.3040 and 1.3050. I also set stop loss at about 100 pips as I was ready to risk $100 on each of them. So stop loss for each of them for 10,000 units was put at 1.3130, 1.3140 and 1.3250 respectively.

So luckily, my shorts were eventually adding up some profit but I set my target at just about 50 pips each below entry points but the real focus was the incoming usd ISM Manufacturing Index news by 4pm Nigerian time. The usd news was expected to be good for the usd and would probably make the eur/usd to depreciate(get bearish) a bit else it goes appreciates(goes bullish).

A couple of minutes before 4 pm, I just manually closed all positions using the streamster interface for marketiva. It closed in some total profits totaling above $50. Nice day



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