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Thursday, October 09, 2008

Manual exit

Good evening Dynamic Traders,

Its not often I exit a trade manually but trading is a business and like every other business there are going to be times where you need to make decisions. My preference is to get stopped out for profits because its more mechanical and its easier to keep your emotions in check. I haven't been able to get to my computer until now since yesterday afternoon and as soon as I looked at the EURGBP I saw a potential reversal to the down side with my prefered confluence of events. So I made the decision to exit my 2nd position for a 180 pip profit (over 220 in total). I still think this market will move up but after a pullback so it's still on my watch list.
Note the candle stick reversal at an 886.













EURGBP forex chart from Advanced Get
Good trading.