Trade Update - EUR/AUD Short CLOSED

Update 03-24-08 9pm:
The third lot hit the stop loss.

Lot 1: +50 pips
Lot 2: +100 pips
Lot 3: 0 pips

Total Pips: +150
Total Profit: $136.83

Update 03-24-08 7:30am:
This has been a good call so far. We closed the first 2 positions for +50 pips and +100 pips gain respectively. The third lot is currently trading over 100 pips. Stop loss has been moved to break even.

The Trade:
I reversed my previous open trade in this pair and entered the EUR/AUD short.

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

Reason:
After moving up for multiple weeks, the price seem to have reached a temporary peak and been moving down the last couple of days. Both the AC and AO have turned red. Stock, RSI and %R indicators are in oversold territory, and beginning to hook downward indicating a move lower.

Also interesting to note that in the HAS system, the 4 hour time frame is now starting to get a red bar indicating downward pressure for the next few days.


Rating:
I would rate this trade a 3.5 star. This is because the long term trend for this pair has been upward, and the price is way above the 200 SMA.

Entry & Exit:
Entry (Short): 1.7076
Stop Loss: 1.7176
TP1: 1.7026
TP2: 1.6976