GBP/JPY Long - April 06 2008

System:
The trade was based on the Elite setup on 30 minute chart.

Reason:


By the Elite setup, the 3 EMA had crossed the 34 SMA around 4pm. The 34 CCI had also turned positive. As per the setup, I enter the trade at the end of the candle where the cross over happened, or the beginning of the next candle once the close is confirmed. But I ended up entering the trade at the end of the next candle around 4:50pm at a price of 203.949. Since the entry candle was a long one, stop was placed 30 pips away at 203.65 and the price target was 20 pips away at 204.15.

After a brief rally higher, the pair started moving lower. Within 40 minutes, at 5:40pm it hit my stop.

Lots: 10
Entry (Long): 203.949
Stop Loss: 203.65
TP: 204.15

Total Pips: -300
Total Profit: $292.04

Rating:
I will rate this trade a 3 star. I messed up the entry. I was late in catching the trade and had missed the setup and ended up chasing the price. If I had followed the setup to the book, I should have entered this trade between 203.35 to 203.40.