EURUSD Long Trade

Went long for the EURUSD trade as the EMAs that I used had signalled for a sale. Entered the trade before the Accelerator Ocsillator's green bars appeared but that's a risk I was willing to take.

On hindsight, my SL was about 1% more than 3% of my risk capital. This is an area that I need to be more disciplined in. However had I maintain the 3% SL, the trade would have closed at a loss. The decision to set a higher SL was because of the support level from the recent closed sessions.

P/L for the day: 21 (from my GBPUSD trade earlier today)+44 pips = 65 pips

Today's GDPUSD trade

This is today's trade on the GBPUSD pair, the following were my thoughts before I entered the trade (Click on pic to enlarge)

The Exponential Moving Averages (EMA 5, 20, 50)

EMA 5 crossed above EMA 20

EMA 20 crossed above EMA50

This has signalled for a LONG trade.

Other Indicators:

MACD: Sloping up and Fast line crosses above Slow Line

Stochastic: Sloping up and fast moving into the overbought region

Accelerator Ocsillator: 2 Green Bars which signalled that the trend has just kicked into momentum.

Entry, Stop and Limit as indicated in the price chart.

Target profit was met and trade was closed. Still trying to learn as I trade. Overall, a lesson learnt in confirming the EMA and indicators.

Current P/L: +21 pips