Trade Update - EUR/AUD Short

The Trade: EUR/AUD Short


Reason/Setup:
This trade was entered based on the Elite setup on 1 hour chart. The price action was almost perfect with the candles showing consecutive lower closes and good volume. The 3 EMA had crossed below the 34 SMA. The only worrying factor was the CCI, which had crossed below 0, but is almost flat with the 0 line. But higher time frames signal a move lower. Target is placed 30 pips away.

Update 8:10pm
Perfect trade. Good entry and hit my target quickly (30 minutes is all it took). Maybe next time I can place bigger targets as the pair continues to move lower by a lot.

Trade Details:

• Date Entered: April 22 2008, 6:00 pm
• Entry: 1.6881
• Lots: 10
• Stop Loss: no stop loss set.
  
• Target: 1.6851

• Date Closed: April 23 2008, 6:30 pm
  
• Result: Pair hit target.
• Total Pips: +300
• Profit/Loss: $284.37
• Rating: 4

Comments:
A very nice setup and good trade. This pair continued to move a lot lower after it hit my target. Too bad I couldn't catch that move. But at least I had the discipline to take profits. I didn't give it a perfect rating because I did not place a stop loss. Had the price gone against me, I might have ended up taking a larger loss than the 30 pips I would have with a stop.