Trade Update - AUD/JPY Long

The Trade: AUD/JPY Long


Reason/Setup:
Entered this trade based on the Squeeze indicator on weekly chart. I had entered this trade last week, and made some good profit. And the indicator signaled this trade once again this week. Even though I was a bit late in entering the trade, I still decided to take te trade since it was based off the weekly chart. When you trade of such big time frame, you have some leeway with your trades.

I entered with just 3 lots and looked for a 150 pip profit initially with a 100 pip stop. But as the trade progressed, I reduced the target to 100 pips.

Trade Details:

• Date Entered: April 21 2008, 6pm
• Entry: 97.11
• Lots: 10
• Stop Loss: 96.11
  
• Target: 98.11

• Date Closed: April 23 2008, 1am
  
• Result: Pair hit modified target point.
• Total Pips: +300
• Profit/Loss: $291.26
• Rating: 5

Comments:
This was a good trade to enter. Since you are trading on a weekly chart, you need to have patience. The trade did go up and down for few days and at some point, I was down on this trade. But eventually it moved in my direction and more importantly, it did not hit my stop loss.