Update for 20080110

Current positions

• EURUSD: (long 2 lots) profit at +321. Whipsaws like yesterday are why I think the 3 lot money management system will be better than all-in and all-out. I think I'll trail my stop up to 1.4547 due to S/R in that area (3 fib levels, see the attached pic) and for the sake of protecting some more profits.
  
• USDCHF: (short 3 lots) profit at +371. Glad the stochs stayed under 23.6 the other day! The 14 was at 22.9 when I had to exit the EURUSD 1 lot. Trailing my stop to 1.1279.

New positions

• None

Pairs to watch

• EURJPY to go long. Weekly is up, but daily has been ranging. It's currently at the bottom of the range and made a higher low, and stochs are breaking up the 23.6 level, so I think it will be OK. Only thing that I'm wondering about is how high the 5 period stoch already is. Might mean that this is a short term move that has already been exhausted, or it might pull the rest of the stochs up like crazy. Either way, they might reach overbought really quickly and who knows how long they will stay there. Looking at the charts again, I think It will require a little more judgement on whether to enter or not. This might turn into a good learning experience :)

Images