Trade Update - EUR/CAD Short

The Trade: EUR/CAD Short


Reason/Setup:
Entered this trade based on the Squeeze setup on daily chart. I was few hours late on the entry, but the price had practically not moved in that time. So its still a valid entry. Unfortunately, I wanted to enter with 5 lots and have a 150 pip stop and target, but made a mistake and entered with 10 lots instead. So if the price goes against me, it will be a big loss.

I would still rate this trade a 4 despite the mistake.

Update 04/30/2008 4pm:
Mistake number 2. Not only did I get into this pair late with a larger than desired position size, I also set a very large target point. What was i thinking. The pair moved down a little over 100 pips, and the proceeded to reverse. I should have just taken a 100 pip profit considering the position size I have at stake. My trade execution rating is rapidly decreasing.

Comments:
I finally got the target placed correctly and the pair finally hit my target after swinging either ways for a while. Overall the trade execution was good, and I would rate this a 4.

Trade Details:

• Date Entered: April 29 2008, 5:30 pm
• Entry: 1.5765
• Lots: 10
• Stop Loss: 1.5915
  
• Target: 1.5660

• Date Closed: May 01 2008, 3:00 am
  
• Result: Pair hit target.
• Total Pips: +1050
• Profit/Loss: $1040.85
• Rating: 4