Update 03-25-08 1pm:
As its happened before, I managed to close this pair at the absolute top for a loss. Had I stuck on, I would be close to break even now. The signal is still valid for this pair.
I need to learn to STICK TO THE SIGNAL.
Update 03-25-08 7am:
Yes another loser. And this is getting worse. It looked like the signal for this pair has turned. So I closed out this pair.
Total Pips: -120 (30 * 3)
Total Loss: $173.10
The Trade:
Contrary to my previous trade of this pair, I am going short this pair.
System:
This is based on the OzFX system on daily charts.
Reason:
On the technical side, the indicators lined up correctly. Price is thinking of moving down, while the AC and the AO are showing red. RSI, Stoch and %R are moving down.
Also considering my previous trade of this pair was to go long, and I was stopped out since the price moved down, I think its worth a chance to try the short side.
Rating:
I would give this trade a 2.5 star due to the following reasons:
- This pair has already had a significant move to the downside, and further downside move might be limited.
- The price is above the 200 SMA, so its against the long term trend.
- The markets are closed tomorrow, and hence low volume might result in greater volatility.
- I just got stopped out of this pair. It might be prudent to wait longer before entering again.
Lots: 3
Entry (Short): 0.77746
Stop Loss: 0.79046
TP: 0.76746
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