Wednesday, June 4, 2008
EURUSD Currency Trading (Update of Position)
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May 27, I sold EUR/USD at 1.5817. Now I am evaluating taking profits even if I think that it might go to 1.53 and possibly break it. Risk/reward ratio has changed since I entered the trade, and I may reduce my size or take it off depending on price behaviour.
Currenlty I have unrealized gains of 425 pips. I like swing trades like this one, but it requires a lot of patience. That is one of the reasons, I get busy trading EUR/JPY and NDX to avoid taking profits too soon on certain positions.
A have included a 3 hours chart. 1.5360 is the price point where I currenlty plan to take some profits if it is reached in the next few hours, but I may not control my patience and might take profits a bit earlier. I will decide.If you know of ways to work on patience in holding winning trades as long as possible, please let me know.
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