Trade Update - AUD/USD Short

The Trade: AUD/USD Short


Reason/Setup:
I entered this trade based on the OzFX setup on 1 hour chart. The general trend seem to be the strengthening of the Dollar, and this pair was acting accordingly. The trend is solid with multiple down bars with good volume. The Stoch is also wide and the AO is red.

Update 04/23/2008 4pm
Now the Elite setup on 1 hour chart has this pair generate a sell signal. Hopefully this should be enough to get the pair to move lower.

Trade Details:

• Date Entered: April 23 2008, 7:00 am
• Entry: 0.94611
• Lots: 10
• Stop Loss: no stop loss set.
  
• Target: 0.94411

• Date Closed: April 23 2008, 11:40 pm
  
• Result: Pair hit target.
• Total Pips: +200
• Profit/Loss: $200
• Rating: 4

Comments:
This trade took a long tome for it to play out. First off, since I had had multiple red candles at the time of entry, the downward momentum had almost worn off. So as soon as I entered, the pair started moving higher. Luckily the trend in the higher time frame was a move lower. So I just sat put, and the pair move down and hit my target eventually.

As can be seen from the chart above, the pair was in a strong down trend and continued moving lower after it hit my target point.