4 and 5 Jan 2007

This is one of my first few trades for the year.
Notice the parallel lines form by EMA200, EMA100, EMA55 and EMA21.
To me this is clearly a down trend for cables.

On 4th Jan 0800hrs, I set a sell limit order at S1 support line at 1.9417. The order was filled that day around 1650. The profit was set at S2 at 1.9316 and stop loss at 1.95840.

Unfortunately, the day failed to square my position until the next day 5th Jan at about 1100hrs.

Another sell limit order is placed on 5th Jan at 0800 at S1 (1.9360), with profit taking at S2 (1.9321). Stop loss set at Pivot line at 1.9451

The ordered was filled at 1200hrs and close at 2130hrs.
A good profit of about 80pips from these two trades.

I am testing out this method which I have not given a name yet. It involves analysis based on the daily and 1hour chart formation of the EMAs. After determine the direction it will go for the day, I will set the order at 0800hrs at either S1 or R1. Take profit at S2 or R2 and place stop loss at Pivot Line.

This enable me to place trade beginning of the day and off I go running the day with other activities. I am always looking for method that gives me more "sure" pips in less time spend in trading.