Trade Update - EUR/CHF Long

Reason/Setup:
Another trade based on the OzFX setup on 4 hour chart. Today the trend seem to be that all CHF and Yen pairs are rallying. The price action on this pair is good. Strong up trend with solid volume. The indicators are also strong and show good uptrend.


Trade Details:
Date: May 12 2008, 12:15 am
Entry: 1.61554
Lots: 5
Stop: 1.60804
target: 1.62304

Trade Update - EUR/JPY Long

Reason/Setup:
Once again trade based on OzFX setup on 4 hour chart. Price action hasen't been showing much on this pair like other trades, but the indicators still show a buy. The Stoch is crossing the 0 line, and the AC and AO show multiple green bars.

I have placed the stop below the previous low, and the target is just below the 50 EMA.


Trade Details:
Date: May 12 2008, 12:10 am
Entry: 159.455
Lots: 5
Stop: 158.55
Target: 161.06

Trade Update - USD/JPY Long

Reason/Setup:
Yet another trade I entered today based on the OzFX setup on 4 hour chart. They all have very similar chart pattern. So I have a feeling, if I am wrong about even one of them, I will probably be wrong about them all since they look so similar. In this pair, the Stoch has actually crossed the 0 line and hence its a valid signal.

My concern is with the placement of the target. I have placed the stop 100 pips away, and hence the target is also 100 pips away. But the 200 EMA line is just 50 pips away and provides resistance. So I am skeptical if my target will be hit.


Trade Details:
Date: May 11 2008, 11:55 pm
Entry: 103.544
Lots: 5
Stop: 102.544
Target: 105.544

Trade Update - USD/CHF Long

Reason/Setup:
Yet another chart patters tats similar to the trade I entered today. Trade signaled by the OzFX setup on 4 hour chart. Price action looked strong with good volume. Indicator are also showing strong signal.


Trade Details:
Date: May 11 2008, 11:55 pm
Entry: 1.04918
Lots: 5
Stop: 1.0401
Target: 1.05418

Trade Update - GBP/CHF Long

Reason/Setup:
This trade is based on the OzFX setup on 4 hour chart. The chart pattern looks very similar to the GBP/JPY trade. The Stoch has not yet crossed the 0 line, but I feel the uptrend is strong. Due to the volatile nature of this pair, the stop is placed very wide, and the target is 100 pips away just below the 50 EMA.


Trade Details:
Date: May 11 2008, 11:50 pm
Entry: 2.04369
Lots: 5
Stop: 2.02685
Target: 2.05689

Trade Update - EUR/GBP Short

Reason/Setup:
This trade is signaled based on the OzFX setup on 4 hour chart. We have seen some consistent price action down on this pair on good volume. And the stoch has now crossed the 0 line, and both the AC & AO are showing multiple red bars. Will this trend continue?

BTW, this trade was marked as a long on the OzFX forum. The daily chart does show an upward trend, but its coming to an end. I feel its the start of a strong down trend.


Trade Details:
Date: May 11 2008, 11:30 pm
Entry: 0.78932
Lots: 5
Stop: 0.79329
Target: 0.78532

Trade Update - GBP/JPY Long

Update 05-12-08 12:20 am:
Soon after I entered this trade, there was a strong rally by this pair, and my buy stop order was triggered, So I have entered with trade with another 5 lots. Here are the trade details.

Date: may 12 2008, 12:20 am
Entry: 202.28
Lots: 5
Stop: 201.28
Target: 203.31

Reason/Setup:
Entered based on OzFX setup on 4 hour chart. After a huge move down,the pair is beginning to bounce back. Hopefully this is not a short relief rally before another move down. I entered with just 5 lots as the stop and target is far away. I have also placed a buy stop order halfway to the target.


Trade Details:
Date: May 11 2008, 11:30 pm
Entry: 201.503
Lots: 5
Stop: 199.72
Target: 203.31

Trade Update - GBP/JPY Short

Reason/Setup:
The pair has broken through the prior support level, and there is a good chance that we will see more down side for this pair. I am entering this trade based on the Elite setup on daily chart. I am entering with just 3 lots since the stops and targets are so far away.

The signal is also valid in the OzFX setups on daily and 4 hour charts. However this signal is old and should not be used for entry.


Trade Details:
Date: May 08 2008, 10:25 pm
Entry: 202.283
Lots: 3
Stop: 204.54
Target: 198.50

Trade Update - EUR/CHF Short

Reason/Setup:
Entered this trade based on the OzFX setup on daily charts. The price action shows a nice smooth move down. The volume on the candles are large and healthy. The indicators also signal this smooth trend down. The histograms for both AC and AO have been declining every bar, and the Stoch has now crossed below the 0 line.

To be on the safer side, I have entered with just 5 lots. Stop is placed at 1.6267 which is just below the 200 EMA. And the target is placed at 1.6037 which is just above the 50 EMA.


Trade Details:
Date: May 08 2008, 5:30 pm
Entry: 1.61732
Lots: 5
Stop: 1.6267
Target: 1.6037

Trade Update - NZD/USD Short

Reason/Setup:
Entered this trade based on the OzFX setup on daily chart. This trade was recommended by the OzFX forum. The pair has had some good move the past couple of days, but the indicators signal the trend is still valid and healthy. But just to be on the safer side, I am going to enter with just 5 lots. Stop is 75 pips away, and target is 50 pips.


Trade Details:
Date: May 08 2008, 5:30 pm
Entry: 0.77185
Lots: 5
Stop: 0.77935
Target: 0.76685

Trade Watch - CAD/JPY Short

Reason/Setup:
This trade was recommended by the OzFX forum. The signal is from the daily chart. I did not take the trade because it didn't look very high probability to me. The AC , AO and Stoch have been flip flopping. And the price had moved down quiet a bit in the past 2 days. SO I am just going to sit in the sidelines and watch.


Trade Details:
Date: May 08 2008, 5:30 pm
Price: 102.05

Trade Update - EUR/JPY Short

Reason/Setup:
I entered this trade based on the OzFX setup on daily chart. This was also a recommendation on the OzFX forums. This pair has moved down a lot in the past couple of days, and I have been able to capture some of that move. But the trend still seem to be valid. The price is below both the 50 and 200 EMA's which is a bearish sign. The Stoch could not go on to the 80 range as it had done before indicating weakness in this pair.

Once again to be on the safer side, I have entered with just 5 lots. If the trend is confirmed, I may enter with another 5 lots. The stop currently is placed at 161.185 which is just above the 200 EMA. And the target is at 158.52, which is one of the prior resistance levels.


Trade Details:
Date: May 08 2008, 5:30 pm
Entry: 159.742
Lots: 5
Stop: 161.185
Target: 158.52

Trade Update - GBP/CHF Short

Update 05-08-08 6:00 pm:
I have changed the target to be just above the 50 EMA at 2.0448. This is also a prior resistance level and I am confident it will be hit.

Reason/Setup:
Entered this trade based on the OzFX signal on 1 hour chart. The short signal on the daily chart is still valid, and my trade yesterday was unfortunately stopped short. But this is one of those volatile pairs, and has a very high swings in each candle. I have placed my stop just above the 200 EMA on the 1 hour chart, and the target is 100 pips away.


Trade Details:
Date: May 08 2008, 6:45 am
Entry: 2.05809
Lots: 10
Stop: 2.0669
Target: 2.04809

Trade Update - GBP/USD Long

Reason/Setup:
Same reason as the EUR/USD trade. The OzFX setup on 4 hour chart signals a nice bounce. The Stoch is almost crossing over the 0 line and the AC & AO indicators have multiple red bars. Unfortunately, the price action is not as smooth as the EUR/USD pair.

As for the stop and target, they are placed right below the recent low and the 50 EMA respectively.


Trade Details:
Date: May 08 2008, 6:45 am
Entry: 1.96085
Lots: 5
Stop: 1.9497
Target: 1.9697

Trade Update - EUR/USD Long

Reason/Setup:
Entered this trade based on the OzFX setup on 4 hour chart. The indicators show a nice bounce back. I have set the stop 100 pips away, and the target just below the 50 EMA.


Trade Details:
Date: May 08 2008, 6:45 am
Entry: 1.54302
Lots: 5
Stop: 1.53302
Target: 1.5505

Trade Update - AUD/CAD Short CLOSED

Update 05-07-08 6:30 pm:
This trade did not work out that great. Again the OzFX setups that work are usually in the 4 hour time frames. The hourly and daily charts are a hit or miss. Here the price moved against me right from the beginning, and not too long after I entered the trade, I was stopped out.


Trade Results:
Date: 05-07-08 6:30 pm
Result: got stopped out.
Total Pips: -500
Profit/Loss: $494.22
Rating: 4

The trade still gets a good rating as I followed the signal and there is nothing I could do about it.

Reason/Setup:
Trade signal on the OzFX setup on daily chart. In fact, the signal was also available yesterday, but I wanted to make sure the trend is still intact. Maybe I waited too long since the pair has moved up almost 40 pips since the new candle was formed.

Another reason for entering this trade was because it was recommended by the OzFX forum. Stop and target 50 pips away.


Trade Details:
Date: May 07 2008, 5:15 pm
Entry: 0.9464
Lots: 10
Stop: 0.9514
Target: 0.9414

Trade Update - EUR/JPY Short CLOSED

Update 05-07-08 7:30 pm
Good trade to enter. And the OzFX setup is really working this week, especially in the 4 hour time frame. Too bad I got out too early on this trade, and I entered with just 5 lots. I think next time on, for OzFX setups with strong trend, I will enter with 10 lots and have a wide stop too. Those are higher probability trades.


Trade Results:
Date: 05-07-08 7:30 pm
Result: Pair hit target.
Total Pips: +500
Profit/Loss: $478.58
Rating: 5

Reason/Setup:
I entered this trade based on OzFX setup on both H4 and daily chart. On the H4 time frame, the trend has played out for multiple time frames now. But the Stochs are still wide, and I am hoping that the trend continues.

On the daily chart, the down trend is just beginning, and the Stoch has not yet crossed the 0 line. So this could be a potential risky entry where the trend might reverse.

I have the stop currently 50 pips away and the target 100 pips away.



Trade Details:
Date: May 07 2008, 2:30 pm
Entry: 161.046
Lots: 10
Stop: 161.546
Target: 160.046

Trade Update - EUR/USD Long CLOSED

Update 05-07-08 4:40 pm:
This trade just didn't work out. As soon as I entered the trade, it was down just a few pips and was holding steady there. But when the Asian session opened, the pair just started tanking along with other Dollar pairs. Not sure what exactly is influencing this. I even waited to confirm the trend before entering this pair.


Trade Results:
Date: 05-07-08 4:40 pm
Result: Pair hit stop loss.
Total Pips: -500
Profit/Loss: $494
Rating: 5

Reason/Setup:
Entered this trade based on the OzFX setup on 1 hour chart. I waited to make sure the Stoch went past the 0 line before entering the trade. Stop and target currently placed 30 pips away. No plans to change the stop, but might change the target depending on price action.


Trade Details:
Date: Mat 07 2008, 12:10 pm
Entry: 1.54052
Lots: 10
Stop: 1.53752
Target: 1.54352

Trade Update - GBP/JPY Long

Update 05-07-08 9:10 pm:
A swift surge down at the open of the Asian session resulted in my buy limit order being triggered.

My plan of action is as follows. For every 100 pips gain, I am going to enter another 5 lots and build on my current position. The stop level will also be raised accordingly when a new trade is placed.

Reason/Setup:
I am going outside of my regular setups for this trade. Its purely based on price action, support/resistance levels and trend channels. And it is all based off a daily chart.


From the chart it can be seen that the pair has been on a steady uptrend shown by the solid red trend line. And we are currently seeing a pullback to this trend line. We also notice a box pattern developing in the last 2 weeks as shown by the light brown lines.

I have set a buy limit order at the lower end of the box and the tar is the upper level of the box. As a stop, its placed just below the red trend line. If this gets broken, then I will just look to enter this pair short and play the box play setup.

If this trade works to my plans, it would be a huge multi-hundred pips play.

Trade Details:
Date: May 07 2008, 12 noon
Buy Limit: 203.54
Lots: 5
Stop: 202.28
Target: 209.00
Date Triggered: May 07 2008, 7:30 pm

Trade Update - GBP/CHF Short CLOSED

Update 05-07-08 7:00 pm:
My stops weren't big enough for this pair, and I ended up hitting it. Soon after hitting my stop, the pair proceeded to move back down. To make me feel worse, the short entry was also confirmed by the OxFX forum, and had I had the 100 pip stop as they recommend, I would still be in the game. Also the fact that I could have made almost 500 bucks on my initial trade, but I let it run down for a loss.


Trade Results:
Date: 05-07-08 7:00 pm
Result: bot trade got stopped.

Trade 1:
Total Pips: -342
Profit/Loss: $347.10

Trade 2:
Total Pips: -657
Profit/Loss: $643.20

Rating: 3

Good signal, but bad execution.

Update 05-07-08 6:00 pm:
I have not changed the stop loss for both trades to 2.0716. This is somewhere in between where the individual stop losses were. Usually when I change the stop loss, I end up losing more money. So this may not be a good move after all.

Update 05-07-08 3:30 pm:
I have changed the tar on both trades to 2.04574. This is just above the 50 EMA on the daily chart. Lets see how this works out as the target point is pretty far away.

Update 05-07-08 11:40 am:
Since this pair was moving in my direction, I decided to enter this trade again with another 5 lots. But I wanted to make sure the trend was confirmed. So I placed a sell stop order, and it was just hit. This entry was based on the Elite setup on H4. Once again, I placed the target and stop 100 pips away, but I might modify it based on how the trade plays out.


Trade Details:
Date: 05-07-08 11:30 am
Entry: 2.05846
Lots: 5
Stop: 2.06846
Target: 2.04846

Reason/Setup:
The setup used for this trade is OzFX on daily chart. I saw this signal yesterday, but I didn't take it because I have been burnt on this pair before. I also did no like the fact that the Stoch had not crossed the 0 line which means the sell signal could be a false one.

But by today morning, the pair had moved down, and now I am tempted to get into the trade. All indicators point to a continued move down. But I am still very late in entering this trade and have lost more than a 100 pips. But this is a volatile pair. Lets see which direction it moves. I entered with just 5 lots, and have the stop and target 100 pips away.


Trade Details:
Date: May 07 2008, 7:30 am
Entry: 2.06475
Lots: 5
Stop: 2.07475
Target: 2.05475

Trade Update - EUR/JPY Short CLOSED

Update 05-07-08 6:00 pm:
Looking back, I was a fool to exit this trade before it hit my stop. Had I not manually exit this trade, It would not have hit my stop. And immediately after the candle I excited, the trend had been sharply down. Missed out on an easy 100 pips in this trade.


Update 05-07-08 7:45 am:
It didn't take me more than 30 minutes to get out of this trade. I don't think its a good idea buying these hedging trades. Invariable they both end up on the losing side. The only way I am going to enter a trade of a pair that is open is if I can trade in the same direction.

The main reason that this trade failed was because I was late in entering it. I was just trying to push my luck, and that is never good.


Trade results:
Date: 05-07-08 7:45 am
Result: Manually closed the trade.
Total Pips: -241
Profit/Loss: $228.49
Rating: 1

Reason/Setup:
There seem to be a strong down trend as seen from the OxFX setups on H1 and H4. I currently have an open position on this pair on the long side, so I am not if this is a wise decision to make.


Trade Details:
Date: May 07 2008, 7:20 am
Entry: 162.047
Lots: 10
Stop: 162.347
Target: 161.747

Trade Update - GBP/JPY Short CLOSED

Update 05-07-08 7:00 am:
Guess what. My theory actually worked. I just faded the Elite signal, and it worked like a charm. It took me just 30 minutes for this trade to hit my target. Too bad I closed out this trade so soon, and missed out on a 150 pip move.


Trade Results:
Date: 05-06-08 12 mid night
Result: target hit
Total Pips: +500
Profit/Loss: $476.27
Rating: 5

Reason/Setup:
Now I am trying something really weird. The past couple of days every time I entered a trade, especially based on the Elite setup, the trend immediately reversed and I ended being stopped out. So now, I am going to try to go against what the signal says.

In this particular case based on the Elite setup on H1, the pair is moving higher, and the moving averages have crossed over. According to the setup, this would be a buy signal. But I am going short this pair. The stop and target has been placed 50 pips away.


Trade Details:
Date: May 06 2008, 11:30 pm
Entry: 206.622
Lots: 10
Stop Loss: 207.122
Target: 206.122

Trade Update - EUR/USD Short CLOSED

Update 05-07-08 7:00 am:
The initial target for this trade was 30 pips. But when I saw the strength of the move, I moved the target bit further. But it turns out that I did exit this trade very early and missed out on a at least another 100 pips.


Trade Result:
Date: 05-07-08 3:00 am
Result: Pair hit target
Total Pips: +500
Profit/Loss: $500
Rating: 5

Reason/Setup:
I entered this trade based on the Elite setup on 1 hour chart. I am late with the entry and have missed a 10-15 pip move. But that confirms the trend down is valid. We might also have a valid signal in the H4 time frame. As of now, I have a 30 pip stop and target.


Trade Details:
Date: May 06 2008, 7:15 pm
Entry: 1.5491
Lots: 10
Stop Loss: 1.5521
Target: 1.5461

Trade Update - EUR/JPY Short CLOSED

Update 05-06-08 11:10 pm:
As its been happening lately, soon after I entered this pair, the price moved sideways for a while before reversing and going against me. Since I had another trade open in this pair in the long direction, I decided to close this trade near break even.


Trade Results:
Date: 05-06-08 11:10 pm
Result: Manually closed trade.
Total Pips: -28
Profit/Loss: $25.72
Rating: 5

Reason/Setup:
I am already in this pair long. But I got this signal from the OzFX setup on 1 hour chart, It seem to be one of those perfect signals that I always miss on the lower time frames. Previous price candles show good volume. Stoch has crossed below 0 and the lines are wide apart. And both AC and AO show red bars.

The M30 time frame also shows a move down. I have set my target 30 pips away.


Trade Details:
Date: May 06 2008, 7:00 pm
Entry: 162.534
Lots: 10
Stop: 162.834
Target: 162.234

Trade Update - USD/JPY Long CLOSED

Update 05-06-08 9:30 pm:
Yes another losing trade. I just can't seem to get out of this rut. Maybe I should just stop trading for some time and analyze what I am doing wrong.

Maybe I should try entering the trade opposite to what I feel the trend is. Like if I feel i should go long, I should probably go short. I am going to try this next trade just to see if it works.


Trade Results:
Date: 05-06-08 9:00 pm
Result: Pair hit stop
Total Pips: -300
Profit/Loss: $282.62
Rating: 4

Reason/Setup:
Entered this trade based on the Elite setup in 1 hour chart. The price has been steadily moving up, and has crossed over the 34 SMA. The CCI is also above 0, and shows a good strong trend upwards. I have set the stop and target 30 pips away.


Trade Details:
Date: 05-06-08 5:25 pm
Entry: 104.969
Lots: 10
Stop Loss: 104.669
Target: 105.269

Trade Update - EUR/CAD Short CLOSED

Update 05-07-08 7:00 am
This was another good trade to enter, one of the few this week. The price moved in my direction as soon as I entered the trade and went on to hit my target. Good I just had a 100 pip target as the pair soon reversed direction and closed close to where I entered.


Trade Results:
Date: 05-07-08 5:50 am
Result: Pair hit target
Total Pips: +500
Profit/Loss: $499.03
Rating: 5

Reason/Setup:
Trade entered based on the OzFX setup on daily chart. I was late with the entry by couple of hours, and have missed out on a nice 25 pip move. Considering the huge spread for this pair, that might be crucial.

I entered with just 5 lots to give me room for a 100 pip stop and target. This trade is also recommended by the OzFX forum based on the AES signal.


Trade Details:
Date: 05-06-08 5:10 pm
Entry: 1.5539
Lots: 5
Stop Loss: 1.5639
Target: 1.5439

Trade Update - EUR/JPY Long CLOSED

Update 05-06-08 9:00 am
This trade went against me right from the start. I got in pretty much close to the top. And soon, the trend reversed. And the fact that I had a 100 pip stop and target did not help and just increased my loss.


Trade Results:
Date: 05-07-08 9:00 am
Result: Pair hit stop.
Total Pips: -969
Profit/Loss: $919.83
Rating: 3

Reason/Setup:
I entered this trade based on the OzFX setup. And it was signaled on both the 4 hour chart and daily chart. On the daily chart, the Stoch lines are wide and heading up, but is currently closing in on over sold area. On the H4 time frame, the signal indicate a perfect entry.

I think this is a good trade to enter as its not too often that you get the same signal on 2 different time frames. Pity I was a bit late with the entry and missed out on 15 pips. I have the stop and target 100 pips away to give some room for this trade to develop.



Trade Details:
Date: 05-06-08 4:30 pm
Entry: 162.869
Lots: 10
Stop Loss: 161.90
Target: 163.869

Trade Update - GBP/USD Short CLOSED

Update 05-06-08 11:30 pm:
This was an excellent trade to be in. Price moved sideways for a while when the volume was low, and once the Asian and European session got underway, the pair just tanked. I initially had a 30 pip target on this pair, but the pair was showing some strong trend down. So i kept modifying the target 10 pips down at a time. At one point, the price moved down so quick that before I could change, my target was hit. Thats a shame because I could have really rode this pair for some huge gains.


Trade Results:
Date: 05-06-08 11:30 pm
Result: Pair hit modified target point.
Total Pips: +500
Profit/Loss: $486.10
Rating: 5

Reason/Setup:
Entered this trade based on the OzFX setup in H1. Looks like that is the only setup that is working for me lately. As can be seen from the chart, the the indicators show a nice trend down. Both the AC and AO have multiple red bars, and the Stoch has crossed below the 0 line and is moving down.

The concern however is the price action. The previous candles have been anemic even though they have moved down. Let us see if they can continue to move down further.


Trade Details:
Date: 05-06-08 12:20 pm
Entry: 1.97248
Lots: 10
Stop: 1.97548
Target: 1.96948

Trade Update - GBP/CHF Short CLOSED

Update 05-06-08 12:40 pm:
Once again removing the stop did not get me anything but a bigger loss. I need to learn to just accept that I am wrong and cut my loss. Over all a bad trade as I made all kinds of mistakes.


Trade Results:
Date: 05-06-08 12:40 pm
Result: Manually closed the trade.
Total Pips: -1480
Profit/Loss: $1407.39
Rating: 1

This pair is now my worst performing pair. Every trade I have entered this pair had been big losers. I better stay away from this one for a while.

Update 05-06-08 7:40 am:
Once again I have succumbed to the temptation of removing my stop point. This pair has moved against me as soon as I entered the trade. But prior history shows that it did move back down after couple of up candles. Lets see if that happens.

Reason/Setup:
I dont know what exactly I was thinking when I entered this trade. I have already made a number of mistakes. The trade was base don the Elite setup on H4. But I did not wait for the setup to give me a valid signal and instead entered it pre-maturely. On a volatile pair like this one, thats going to cost me. I think I was just carried away by my other trades which was going well and entered this without thinking.

Another mistake I made was to enter with 10 lots. On volatile pairs like this one, I tend to have wider stops and targets which means the position size is less. But I forgot about that and entered with 10 lots. Now if I go on to lose this trade, its going to be a significant loss.


Trade Details:
Date: 05-06-08 7:20 am
Entry: 2.06105
Lots: 10
Stop Loss: 2.06855
Target: 2.05555

Trade Update - USD/CHF Short CLOSED

Update 05-06-08 11:45 am:
Well the premature entry dd not work out. When I entered the trade, it moved in my favor for a short while before reversing direction. After that it was just a straight move up to hit my stop.


Trade Results:
Date: 05-06-08 10:00 am
Result: Pair hit stop.
Total Pips: -500
Profit/Loss: $477.12
Rating: 2

This is yet another reason why it is worth it to wait for the confirming candle before entering the trade. I was too impatience and say the price move lower. And as it usually happens, I jumped in at the end of the trend and got crushed.

Reason/Setup:
Entered this trade based on the Elite setup on H4. The entry might be a little pre-mature as the signal is still not valid. But the trend is strong, and I wanted to get in a bit early. Lets see if this works out to my favor.



Trade Details:
Date: 05-06-08 7:15 am
Entry: 1.04418
Lots: 10
Stop Loss: 10.4918
Target: 1.03918

Trade Update - USD/JPY Short CLOSED

Update 05-06-08 11:45 am:
This one, I followed the signals, but I still got stopped. I waited for the confirmation candle before entering the trade. I placed stop wide enough. So I don't think I can find anything wrong with this trade Just one of those unfortunate ones. Pair did more a bit in my direction before revering trend.


Trade Result:
Date: 05-06-08 9:00 am
Result: Pair hit stop.
Total Pips: -500
Profit/Loss: $476.55
Rating: 5

Maybe there are couple of points to learn here. First off, a 50 pip stop is probably too small for this time frame. And next, maybe I shouldn't enter trade at the beginning of a major session. I entered these trades when the US session was just starting. Markets tend to be volatile in the first 1 hour, and I should probably stay away.

Reason/Setup:
This trade was signaled on the Elite setup on H4. The timing and entry were near perfect. I got in close to the start of the new candle. I think this will be a good trade. The stop and target are placed 50 pips away.


Trade Details:
Date: 05-05-08 7:00 am
Entry: 104.288
Lots: 10
Stop Loss: 104.788
Target: 103.788