Trade Update - EUR/CAD Short CLOSED

Update 03-28-08 10am:
I ended up closing this position as the signal had turned. The loss could have been smaller had I entered the trade earlier. The good thing about this trade is that when the signal reverses, the loss is minimal as we are using the 3EMA which very closely follows the price action. But the important part is to enter as soon as its signaled.

Total Pips: -138 (46 * 3)
Total Profit: $135.39

The Trade:
Going short the EUR/CAD pair.

System:
This is based on the signal from Elite system on 1 hour charts.

Reason:
While I currently have a long position opened in this pair, its been seeing short term pull back. So as a hedge, I am also going short this pair. I also have the 3 EMA crossing below the 34 SMA and the CCI crossing below 0, which is a valid signal for the Elite system.


Rating:
I would rate this trade a 3.5 star mainly because I entered the trade late. The bar was already formed and I have missed out on 10-15 pips.

Entry & Exit:
Entry (Short): 1.6022
Stop Loss: 1.6122