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Afternoon Trade
By Laetitia Vaval | September 21, 2007
I entered a short-term position (probably until tomorrow) position in CHF/JPY earlier today. I had noticed that it was trading in a range between 98.56 and 98.20. I got short “relatively” close to the top of the range at 98.483 (middle black line), placed my protective stop at 99.350 ( a previous support level — on the 1 yr chart. Since i’ll be holding this trade overnight i’m going to set a limit price at 98.00 (lower green horizontal line on the chart above). From the different colored lines you can easily see that my risk vs. reward ratio is not optimal in this trade. It seems to be about 2:1 (when it should be 1:2)…
Tags: currency market, forex, forextrading, jpy, wall street warrior, wall street warriors
Topics: Wall Street Warrior |