14/9/2011 EURCAD Update: Stopped out for +214

Here’s an update on my EURCAD short trade.  You can read the first 2 installments here and here.

I had originally got short at 1.3832 on a Price Action based entry. (N.B. In my previous posts I had put down I was short from 1.3820, it was actually 1.38320, I had missed out a digit from the chart! It means my readings were actually 12 pips out. My apologies for any confusion.)

I had been trailing my stop as per my rules. My stop was at 1.3618 and on Wednesday the Euro gained strength across the board. I thought it might survive the day however late on in the day my trailing stop was hit.

So after entering at 1.3832, I was stopped out at 1.3618 for +214 pips of profit.  Whilst at one point the trade was over 370 pips in profit the plan was always to just trail the stop and let the market take me out rather than trying to over predict and 2nd guess the market (normally a futile exercise).

Until next time, trade well.