TRADE # 5 OF STAGE 3: LONG GBPUSD ON 15 MIN CHART: PROFITABLE. STAGE 3 = 3 WINS, 2 LOSSES.

This trade is a day trade that I want to use based upon the newly modified trading plan. I have noticed that I have not been able to be in on a lot of trades due to the fact that I am waiting for the opportunity to get into the trade. So, I have modified my trading to look at what is happening on the daily and 4 hour chart in relation to the stochastics. The reason I am doing this is that I have noticed in my post-trade analysis, there are reasons why I lost in those trades. The reason I noticed: the stochastics was moving in the opposite direction of the way that I was trading. For example, I noted that the GBPUSD trade had the stochastics in the oversold territory when I was looking to go short. So I tried a real quick day trade today to feel for my trades. I noticed the GBPUSD was in oversold territory on the stochastics based upon the daily chart, and that the SlowK was above the SlowD. So I moved down to the 15 minute chart and took a long trade when the SlowK crossed above the SlowD on the 15 min chart. I set my T1 at the current ATR, T2 at 2 times ATR, and T3 at 3 times ATR. My stop loss was entry price minus current ATR. The trade panned out OK for a profitable T1 being hit. I took profits as I watched the stochastics roll over near the OB area so I chose to take my second and 3rd trades as being profits. My total profit was $234 for the 3 trades and for 2.5 hours worth of work.