As I was quite impatient to wait for the currency pair to give me the exact indication to enter the trade, I resorted to using Straddle* method and exited with a net win of 55 pips.
GBP/USD
Short @ 1.9570, stop loss 43 pips, Closed at predetermined profit take 1.9500 (+70 pips)
Long @ 1.9573, profit take 38 pips, Closed at predetermined stop loss 1.9558 (-15 pips)
55 pips win
* Straddle is basically an Options trading strategy to trade options when you don't know which way the stock will head but you know it will move big magnitude in one direction. And thus, you buy a call option and a put option at the same time. You may lose on one option, but you win more on the other option.
No comments:
Post a Comment