Monday, November 3, 2008

Pressing the trade

The past couple of hours have drawn a consolidation pattern offering a low-risk entry point for another short. I'm risking 1/2 the amount of pips on the same size as last trade.

Pending order (3): Short 3576 GBP/USD at 1.5802
Pending order (4): Long 1788 GBP/USD at 1.5752

Initial stop: 1.5852
Initial exposure: 50 pips, $17.88 or 7.50% of starting equity ($238.44)

Current open equity: $317.49
Current position: Short 1788 GBP/USD at 1.6162
Current exposure: 0

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