July 14, 2008

My first FOREX order

Today I entered my first FOREX order. It was a market order, I went LONG on EUR/USD and bought at 1.58975 ( with a stop loss at 1.578). Here is the snapshot of the market:

As you can see a new breakout is on its way as the momentum is increasing ( see RSI). The risk is almost 10$/lot and the expectation is at least 1:1 (meaning at least 10$ reward/ lot)  as the rate is going to hit new highs. 

Happy trading !