Live Entry Order - GBP/USD

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Entry Order - GBP/USD - Feb 14, 2006 00:46 EST

Time: Feb 14, 2006 00:46 EST (times in 24-hour format).
Quote: GBP/USD 1.7417
Enter to Buy @ 1.7447, Stop @ 1.7407, Trailing Stop @ 25 pips.
Enter to Sell @ 1.7387, Stop @ 1.7427, Trailing Stop @ 25 pips.
Maximum Loss: 80 pips.
Maximum Gain: n/a
Notes: I will update the progress of this position in about 21 hours. Comments welcome.

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GBP/USD 30 minute chart - Feb 14, 2006 00:46 EST
 
Position closed for 20 pip profit - Feb 14 18:18 EST

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GBP/USD 30 minute chart - Feb 14, 2006 18:18 EST

1: Time of order Feb 14, 2006 00:46 EST.
2: Buy order activated at 1:44 EST.
3: Stop hit at 4:30 EST for 40 pip loss.
4: Sell order activated at 4:32 EST.
5: Trailing stop hit at 11:20 EST (1.7327) for 60 pip profit.

Total Profit: 20 pips.

Comments welcome.
 
Quote from skaranam:

How did you comeup with entry points and stop loss?
More...

To eliminate "noise" I don't really look at the first chart in this post, which is the chart at time of trade. I set entry at +30 pips and - 30 pips for long/short positions. Stops at maximum I'm willing to loose. I'm thinking of adding a LIMIT for profit taking, maybe + 70 pips above the entry ( -70 for short positions).

I like these sort of trades because you don't have to pick a direction and you don't have to watch it. The final chart shows you what went right or wrong. In this case I got screwed on the Buy order by 1 or 2 pips, but still made 20 pips.

I will post another live trade with chart on Thursday at about 22:00 EST, and this will be a 10 hour trade or so. I don't have time to start a journal so I will post in the " Forex Trading" section.
 
Couple of questions.

1. For how long you are following this strategy and what is your success rate?
2. Why are you choosing midnight to enter your orders. Is it because of less volatality?
 
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