Good morning! Yes, it’s good indeed. While I was sleeping both my long positions went up, so I adjusted the stops accordingly: USDCAD Moved trailing stop higher to 1.0528 (current unrealized profit for this position is 59 pips) Although it looks like the USDCAD price is due for correction, I am willing to give this … [Read more…]
What is a PIP?
In retail FOREX, PIP or Percentage in Point is the smallest normal unit of change (the smallest normal increment) for a currency pair. In other words it is normally the smallest change in price of the currency. Nowadays many FOREX brokers quote prices in tenths of a pip, so they would quote the price of … [Read more…]
Nov. 21 end of day results
USDCAD:2 positions reached their profit targets for a total profit of 68 pips.1 position is still open with trailing SL currently @ 1.0509 (in the money) EURUSD3 positions still open @1.3478, current SL @1.3458
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Each trade in each currency will be based on opening 3 positions (3 units) with 2 positions having profit targets (P1 and P2) and the third position exit will be based on a trailing stop (for those who don’t know what trailing stop is I will explain later). Once the P1 target is filled, the … [Read more…]
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Nov. 21, 2013USDCAD Buy 3 units @1.0471 Profit Target #1 (P1): 1.0495 (filled) Profit Target #2 (P2): 1.0515 (filled) Profit Target #3 (P3): trailing stop based on a 30′ chart
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To illustrate my point, I am going to post trades in real time before they happen as well as try to post some useful information related to trading FOREX profitably part time.