The Forex Diary – 7-15-09

Trade # 1 7-15-2009 Sold 10 lots @ 1.40858

At 6:13 p.m. I placed a sell of 10 lots on the EUR/USD. It’s now 7:21 p.m and it has bounced back above the 15 minute movnig average. I’m currently down $12.30. I decided to test a trading stratagy of buying above and below the moving average. I brought my account up to $200.00 so I wouldn’t be shaken out of my trades on fear. I should have waited for a confirmation of several bars below before trading but again, I became impatient.

8:25 p.m. I bought 10 lots @ 1.40766 for a profit of $9.20. I sold because I wanted to profit at least $10.00. I felt I would lose all of my profit. It turns out that as of right now I was right. It has retraced back up to 1.40831.

I think I’m to switch to trading of the 30 minute chart to see if I get better results.