Archive for January 31st, 2007

1-31-2007 Trading Results

Adjusting Stop on EUR/USD

Today was just what I was looking for with this pair. After scaring me this morning for a little bit, we got to see a nice 100 pip pop by this afternoon. Thus, I am raising my stop from -80 pips to -30 pips.

So the good news is that I have really increased my Reward / Risk ratio after today’s move. The bad news is that the trade is not out of the woods yet as the price is approaching the top of this month’s trading channel. If it can break out then it should be off to the races, but that breakout is by no means a given. I could take my 80 pip profit off of the table right now, but I’m going to see where I’m at after tomorrow and then decide whether or not to scale out of a portion/all of my position.

I’ve been watching all of the other currency pairs closely, but still have yet to find anything else worth taking at this point.

Valuable Lesson For All Novice Investors

I recently posted an article on basic trend identification on my recently created personal development blog at ComplexMind.com . For those of you who are new to this blog or to technical analysis is general, it may be well worth checking out or sharing with someone who you think might find it useful.

In my opinion it is the easiest and most effective way for typical investors to improve upon their current investment returns.

I chose to start the other blog so I could have a place to write about all the things that wouldn’t be appropriate for this forum including the more basic technical analysis that might just bore some of the readers here but that can really help people who want to take a little more control over their investments but don’t know where to start.

It’s also a place where I can receive and offer useful advice on any subject, not just those related to trading. I hope you’ll check it out and let me know what you think.

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