Sunday, March 15, 2009

Update scaled in 10 microlots for EUR/USD Short

The most recent trade (EUR/USD short) retraced against me about 20 pips. I feel that this nice top and resistance zone will hold so I scaled in another 10 microlots on an overbought 5 minute stochastic and some price confirmation that showed me that resistance was holding. Below is the 15 minute chart showing my new positions, stops and targets. The first 10 microlots I shorted I will still try to get profits at 10 pips above the S2 support level and the second 10 microlots I scaled in I will try to get out at 10 pips above the recent swing low which formed on the first nice reaction down after I first entered the trade. Below is my screenshot about 5-10 minutes ago:
Updated positions for EUR/USD short