Trade Update - EUD/CAD Short CLOSED

Update 03-18-08 5:15pm:
I messed up the stop loss for this trade. I had initially set it to 50, but considering the 10 pip spread, i wanted to change it to 60. But I instead ended up changing it to 40 pips, and that was hit.

Total Pips: -120
Total Profit: $121.20

The Trade:
Going short the EUR/CAD pair. The Euro has fallen down against most currencies after the Fed rate cut.

System:
This is based on the HAS system on 1 hour charts.

Reason:
Based on the HAS system, the H1 and H4 time frames show 2 red candles. This confirms the downward trend. Since this is based on the 1 hour chart, we are looking to take quick profits. Stop is 50 pips away, and target points are set at 50 and 75 pips respectively.


Rating:
I will rate this trade a 3.5 due to the following reasons.

• Trade is short term and against the main long term trend.
• We were able to get into the trade just when the H4 time frame showed 2 candled. This should hopefully be a good entry point.

Entry & Exit:
Lots: 3
Entry (Short): 1.5486
Stop Loss: 1.5536
TP1: 1.5436
TP2: 1.5411