Trade Update - USD/CAD Short CLOSED

Update 03-18-08 7am:
Another successful trade. The price moved just enough to hit my profit target. But I had modified the trade yesterday to buy a third lot if the price hits the initial 50 pips target. And I had a 50 pip stop loss on that trade which was hit. So the net was just a +50 pip gain here.

Lot 3 purchased at 0.9901. There was a 3 pip slippage in my buy order.

Lot 1 &2 (closed at 4am): +100 pips (50 * 2)
Lot 3 (closed at 4:35am): -50 pips

Total Pips: +50
Total Profit: $47.69

The Trade:
This trade was actually recommended on babypips.com site. As a short term play, we are shorting the USD/CAD pair.

System:
This trade is mainly based on the Babypips.com recommendation. However this also falls into my system as some of the indicators are trending down.

Reason:
After a brief rally, the USD seem to be losing steam. The Stoch, RSI and %R indicator seem to hint at that fact as they have all started moving down. Also we have 2 important economic data being released tomorrow. The Canadian core CPI as well as the US PPI and interest rate statements. Considering the economic events happening the past few days, and the fact that the Fed cutting interest rate is almost guaranteed, we can expect the Dollar to move lower.


Rating:
I would rate this trade a 2 mainly because its based on fundamental factors. While the trend is looking to move downwards, we dont have the signal from the AO or AC. Even the HAS system has not signalled this trade.

Entry & Exit:
Lots: 2
Entry (Short): 0.9954
Stop Loss: 1.0004
TP: 0.9904