Trade Update - AUD/JPY Short

The Trade: AUD/JPY Short

Reason/Setup:
I entered this trade based on the OzFX setup on 1 hour chart. The down trend was strong and I had multiple red candles showing the price action. Even the AC and AO had multiple red candles. This might indicate that the downward momentum has nearly been exhausted, but lets see how the trade goes.

Trade Details:

• Date Entered: April 23 2008, 7:00 am
• Entry: 97.69
• Lots: 10
• Stop Loss: no stop loss set.
  
• Target: 97.49

• Date Closed: April 23 2008, 7:40 am
  
• Result: Manually closed trade on trend reversal.
• Total Pips: -370
• Profit/Loss: $357.30
• Rating: 2

Comments:
Looking back this was a low probability trade to enter in the first place. The idea time to enter this trade was st the start of the 3rd down candle. I would have had couple of down candles with good volume, and a wide Stoch as well. And the AC would have just turned red meaning there is more room to go down.

Now that being said, we can see from the chart above that the air was trading in a range for a few hours before it continued its move down. So had I had the patience to hold on to it, I would have eventually hit my target. Nevertheless, its a bad trade to enter in the first place. Entered it just to keep busy.