Trade Update - USD/JPY Long CLOSED

Update 03-20-08:
I should have just stuck to the charts and the system and not closed this trade yet. As of now, the pair is trading at 99.526, which wold have translated to a profit of +31 pips per lot instead of the loss I took. Lesson learnt.

Update 03-20-08 9am:
I exited this trade before it hit the stop loss. I realized that the Yen was gaining strength against all majors, and my other trades were with that trend. And this one was against that trend.

Total Pips: -139
Total Profit: $141.26

The Trade:
The Dollar is showing some strength. So going long the USD/JPY pair.

System:
This trade is based on the modified OzFX system on daily charts.

Reason:
The technicals point towards a brief rally. Both AC and AO show red bars. However both of them are below 0. Stoch, RSI and %R indicators trending up. The Dollar has been in a rally mode against all currencies the past few days. And there is also news that big buy orders are coming into this pair.


Rating:
I will rate this trade a 3 star due to the following.

• The price is below the 200 SMA and hence we are going against the long term trend.

Entry & Exit:
Lots: 3
Entry (Long): 99.219
Stop Loss: 98.219
TP1: 99.719
TP2: 100.219