Simple Forex System Trading

I didn’t enter the market last night because the divergence did not occur. 

Previously

Looks like there may be an opportunity to sell Dollar Yen later.  Right now, it is trading at 96.75.  I will watch this pair for the next few hours to see if the divergence holds.

Update on 7/1/09

Last night, the divergence occurred at around 6 AM GMT.  I placed a limit buy order at 131.70; however, the market turned higher and never looked back.  The order was never filled.

Well, the stop loss was hit.  The position was closed with a -100 pips loss. 

Previously about this trade

Somehow, I allowed myself to hold this position over the weekend.  What a risky thing to do.  The long position was opened at 0.8550, profit target at 0.8600, and stop loss at 0.8450.  As of the Friday close, the price stood at 0.8517.  However, on Friday, the price went as low as 0.8480.

Market is about to open soon.  We shall see what happens.  I still may move the take profit target from 0.8600 to somewhere at break even or near break even.

Previously about this trade

Currently the trade is in the red.  At time of writing, it’s 45 pips against us.  I entered the buy order at 0.8550.  However, the price continued to move lower, although the divergence still exists.  The profit target is at 0.8600 and stop loss is at 0.8450.  Depending on how the market is, I will adjust the profit target later since tomorrow is Friday.  Most likely, I’ll be moving the take profit target from 0.8600 to the break even point of 0.8550.  I’d like to close the position before the weekend.

Previously about this trade

Looks like a potential buy opportunity is forming here at around 0.8545. 

Looks like divergence is forming.  Waiting for confirmation.