The Trade: CHF/JPY Short
Reason/Setup:
I entered this trade based on the Elite setup on daily charts. I was bit late in entering this trade, but the price has practically mot moved since the start of the new candle 3 hours ago. Price action shows nice move down and the volumes of the candles are quiet steady. I have a stop of 75 pips which is just over the 34 SMA line. The target is 100 pips away.
Trade Details:
- Date Entered: April 29 2008, 5:10pm
- Entry: 100.22
- Lots: 10
- Stop Loss: 100.97
- Target: 99.22
- Date Closed: May 01 2008, 7:00 am
- Result: Pair hit target.
- Total Pips: +1000
- Profit/Loss: $962.05
- Rating: 5
Comments:
This was a good trade to enter. The entry was well timed. And since I got in at the right time, I had some flexibility with placing the stops at the right place. I was in the negative on this trade for almost a day, but soon the pair reversed direction and went on to hit my target. And since this was a trade based on the daily chart, I placed the target 100 pips away.
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