Tuesday, November 25, 2008

OK, the Cross Trader was right :-)

That trade yesterday earned me 147 pips, but look at how far it had retraced before coming back...



I was away from my computer most of the day after it placed that trade, so I wasn't able to interfere with it. I'm glad that was the case because I would have probably panicked and closed the trade with a 100 pip loss. Instead the price bounced back and earned me 147 pips!

Incidentally, I was able to check the price maybe 2 bars after it was opened and saw that a take-profit had been set. Once the Cross Trader sets a take-profit, there's about an 85% chance that that price will be reached (again). It was my one chance to close the trade and cut my losses. The price was only about 60 pips against me so I just decided to let the Cross Trader do its thing, going entirely on faith since I saw a take-profit was set. This trade was kind of nerve racking but paid off.

1 comment:

Jeffrey_geng said...

Tony
It is so wisdom to put the stoploss
on the low point to previous..otherwise you will be short by 30p with adjust~
You based on MA trend strategy~right~