System:
The trade is based on the Elite setup on 1 hour chart.
Reason:
Perfect setup and entry. With the 7pm candle, the 3 EMA had crossed the 34 SMA. The CCI had also moved above 0. Now I just had to enter this position at the end of this candle or early next candle.
I managed to enter this candle early next candle at 8:05pm at a price of 1.58493. The stop loss was placed 20 pips below at 1.58293. This is slightly below the 34 SMA. I placed the target point just 20 pips away at 1.58693. In retrospect, I made mistake here as this trade was based on the 1 hour chart. I could have placed the profit target 30-50 pips away easily. My profit target was hit at 11pm and the pair has continued moving up.
Lots: 10
Entry (Long): 1.58493
Stop Loss: 1.58293
TP: 1.58693
Total Pips: +200
Total Profit: $197.41
Rating:
I would rate this trade a 5. I wanted for the setup for form. The entry was almost perfect, and I never modified the stop or target point. Only drawback was that I placed the target point too closed as I was trading on a 1 hour chart. But as I get more confidence in this setup, I will widen the profit targets.
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