Following my post on Sunday 11 Apr 09 My EURUSD forecast, my order to sell EURUSD 1.3349 was filled on Monday as the EURUSD surged to high 1.33 from high 1.31.
Tue and Wed saw this gain wiped out as deflation concerns coming out of the EZ caused the market to price in further cuts and speculation on asset purchases by the ECB in May gained traction.
As part of my usual strategy, I closed half the position at 1.3184 (165 pips profit) and decided to let the other half run, in the hope that EURUSD will continue to decline to below 1.30 before the end of next week where I will take profit again.
To prevent this remaining half position from turning into a loss, I placed a stop at 1.3349, exactly where I opened the position. So effectively, I have a free trade. The maximum I can lose on this trade is zero.
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