The Trade: AUD/JPY Long
Reason/Setup:
I entered this trade based on the squeeze setup on weekly charts. I had entered this very same trade on the 13th but in the opposite direction. I had made a mistake when I failed to take into account the direction in which the indicator histogram was moving. Now I am late in entering this trade, but since its a weekly chart, I feel there is some room left for additional move higher.
IN order to minimize my risk and have larger stops, I entered with just 3 lots. I kept the stop 100 pips away and the target 150 pips away.
Trade Details:
- Date Entered: April 15 2008, 1:45pm
- Entry: 94.26
- Lots: 3
- Stop Loss: 93.26
- Target: 95.76
- Date Closed: April 16 2008, 7pm
- Result: Pair hit target point.
- Total Pips: +450
- Profit/Loss: $440.61
- Rating: 5
Even though I entered the trade very late, I felt I had some leeway since it was the weekly chart. My risk levels were right and the pair slowly but steadily move higher to hit my target. Very pleased with this trade. During the course of the trade, the HAS setup signaled this trade in the 4 hour charts.
0 comments:
Post a Comment