Update 03-19-08 10am:
Another of my trades which hit the stop loss after hitting the first TP. This has been happening all week, and I am not able to catch any breakouts for significant profit. At least I made some profit on the trade.
Lot 1 (closed at 12:30am): +50 pips
Lot 2 & 3: 0 pips
Total Pips: +50
Total Profit: $50.31
In times like these, I wonder if I should just close all my lots when I hit the first target point. Especially considering this trade had limited upside potential.
The Trade:
The trade is go to long on the AUD/CAD pair. As with my previous trade today, the A-PAC currencies are showing strength today.
System:
This is based on the HAS system on the 4 hour charts. I did however enter this trade with a buy-limit order to get a better entry price.
Reason:
As seen from the charts, the Aussie Dollar has been gaining grounds against other majors today. We have the required 3 blue candles which confirms the trend. The daily candle is borderline blue, but that's because we placed a buy limit order when the price was moving down.
Rating:
I would rate this trade a 3 due to the following.
- We have already seen a big price appreciation from the lows.
- We bought this on the short term consolidation phase. Hence the daily time frame is just borderline blue. We might be entering this trade prematurely. Maybe we should have waited for the downtrend to reverse before taking our position.
- The upside to this trade is not much. Maybe 100-120 pips. So the risk-reward ratio is probably not ideal.
Lots: 3
Entry (Long): 0.9228
Stop Loss: 0.9128
TP1: 0.9278
TP2: 0.9328
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