Trade Update - CAD/JPY Short

The Trade: CAD/JPY Squeeze


Reason/Setup:
Entered this trade based on the signal from the squeeze indicator on 1 hour chart. was late with the entry, but the pair had earlier moved higher and now has fallen back to where it started.

Trade Details:

• Date Entered: April 21 2008, 9:00 pm
• Entry: 102.14
• Lots: 7
• Stop Loss: 102.44
  
• Target: 101.84

• Date Closed: April 21 2008, 10:30 pm
  
• Result: Pair hit stop loss.
• Total Pips: -210
• Profit/Loss: $203.52
• Rating: 2

Comments:
Another not so good trade. Yes that fact is that even if I had entered the trade as soon as the signal was given, I would have still been stopped out. Had that been the case, I would have rated the trade a 5 since I followed the system. But that fact that I was almost an hour late should have prevented me from entering the trade. So overall a very poor trade.