On top of the Moving average, MACD and stochastic crossover, the US futures was bullish. Reinforcing the signals, the price was above the critical level (weekly pivot price = 0.9212). The only hesitation to take this trade was because the stochastic crossover came much later than the moving average crossovers and I doubted it’s validity. Teacher mentioned that the entry is correct based on the signals but he feels that the price is too choppy and trend is not very defined, which makes shifting of stops difficult.
The trade eventually got stopped out within 2 hours. The price went as low as the weekly pivot price. Teacher explained that the sudden turn in trend maybe due to the Dow Futures turning bearish and causing USD to strengthen.
Entry Date and Time: 13/01/10 1:44pm
Exit Date and Time: 13/01/10 3:08pm
Entry price: $0.9259
Exit price: $0.9222
Loss: -37 pips
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Discover the Secrets of Singapore Trading Gurus!
Interviews with Singapore stocks, forex, futures and options traders and trainers! This book is written for you:
- learn how professionals trade
- discover their strategies, money management and approach to the markets
- understand their stories and motivation behind trading
- know your trainers before attending their courses
