The Trade: AUD/USD Short
Reason/Setup:
This trade was entered based on the price action play on the 4 our chart. In this setup, I do not use any indicator, and enter trade purely based on the price action. In this particular case, after a move up, the price had formed 3 consecutive lower closes. This indicated a trend reversal and I entered the pair short. The chart shows the candle where I entered and where the target was hit. It also indicates the stop ad target levels.
Trade Details:
- Date Entered: April 17 2008, 1pm
- Entry: 0.93533
- Lots: 10
- Stop Loss: 0.94066
- Target: 0.92966
- Date Closed: April 18 2008, 7:10am
- Result: Pair hit target point.
- Total Pips: +300
- Profit/Loss: $300
- Rating: 5
As it always happens in my trades, as soon as I entered the trade, the pair started moving against me. Fortunately for me, this time my stop loss was big enough and the pair eventually reversed its trend and moved closer to hit my stop loss.
0 comments:
Post a Comment