The Trade: EUR/CAD Short
Reason/Setup:
I entered this trade based on the squeeze indicator on 1 hour and 4 hour chart. I was however late with my entry on both occasions. I had entered this very same trade based on other setup earlier and barely got stopped out. But the price action seem to suggest that the move lower was imminent and I took this trade. I did however not place a stop loss since I did not want to get stooped out like earlier. I decided that I will monitor the price action and stop the trade if I feel its reversing.
Trade Details:
- Date Entered: April 16 2008, 7:30am
- Entry: 1.5994
- Lots: 10
- Stop Loss: Did not have any
- Target: 1.5954
- Date Closed: April 16 2008, 3pm
- Result: Pair hit target point.
- Total Pips: +400
- Profit/Loss: $399.85
- Rating: 3.5
I might have been late with the entry, but this time I got the price movement right. But I did not place a proper stop loss, and that leads to more riskier trade. It would have probably been too late when I decided that the trend is reversing.
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