Simple Forex System Trading

I finally entered the trade with a buy order at 0.8786.  As I mentioned in the previous post, I set the profit target 50 pips away, at 0.8836, and the stop loss 100 pips away, at 0.8686.  After the order was filled, this pair fluctuated between 0.8815 and 0.8870 for quite some time before it finally shot up all the way to 0.8900.  Our target was reached at around 11 AM GMT.  50 pips of profit.

This is the update of an earlier post.  I have not yet entered an order yet because the divergence occurred right before the U.S market close and before the Asian market open.  I thought I’d stay on the side line.

After the Germany market opened, the pair broke the previous low and dipped down to 0.8762.  The divergence is still valid.  I think I may enter a buy order at around 0.8765 – 0.8770.  I’ll set the take profit for 50 pips but stop loss for 100.

Update

Looks like a potential buy at around 0.8805.  It’s around 8 PM GMT.  The market is quiet.  I’ll wait a couple of more hours and then decide whether to trade or not.

Update