Trade Update - EUR/CAD Long CLOSED

Update 03-31-08 3pm:
Another one of my best trade. I just closed when it hit my stop loss. Earlier in the day, it had gone up as high as +350 pips and I moved the SL to +250 pips. But weakness later in the day caused it to re-trace back to hi the SL. Too bad I opened just one lot wit this trade. It could have been extremely profitable.

Total Pips: +250
Total Profit: $243.83

Update 03-26-08 12 noon:
This trade has been the star of the day so far. The position is currently up +230 pips and I have moved the stop loss to +100 pips to lock profits. Too bad, I opened just one lot for this trade.

The Trade:
This is a little different from my previous trade which was based on the Dollar weakness. Here I am following the long term trend and going lonf the Euro.

System:
This is based on the A-MACD system, but a variation. We do not have a full crossover of the MACD and AO oscillators. Instead, after a brielf pull back (red bars), the AO is showing 2 green bars above 0 once again. I am using this as an entry signal.

Reason:
As explained above, this is a variation of the A-MACD system to extract more milage. Price has been on a steady uptrend on this pair. And we recently noticed a brief pull back. So this would be a good time to enter this trade again to catch an upside swing.


Rating:
This is a new variation I am trying, so I am not sure how good this will work. Hence I will rate this trade a 3 star. The things going for it is its in line with the long term trend. And we just recently had a small consolidation.

Entry & Exit:
Lots: 1
Entry (Long): 1.5893
Stop Loss: 1.5693 (almost 200 since the ATR is large)

Due to the bigger stop loss on this pair, i have scaled back on the number of lots to 1 so I remain within the money management rules. I do not yet have a stop loss ofr this system, and will look to exit on signal reversal.