Trade Update - EUR/CHF Long

The Trade: EUR/CHF Long



Reason/Setup:
I identified the trade based om the squeeze indicator on 4 hour chart. I was a little late in entering the trade and has already missed a 30 pip move, but the trade was also signaled by the Elite setup on 4 hour charts. Since it was signaled by 2 setups and the trend seem to be strong (clean break of the 3 EMA line from the 10 and 34 SMA in the Elite setup), I decided to enter the trade. It also gave me the confidence to have a 50 point stop and target. Later on, the trade was also signaled by the A-MACD system.

Trade Details:

• Date Entered: April 15 2008, 11am
• Entry: 1.58872
• Lots: 10
• Stop Loss: 1.58372
• Target: 1.59372
  

• Date Closed: April 16 2008, 8:10am
• Result: Pair hit target point.
• Total Pips: +500
• Profit/Loss: $500.58
• Rating: 4

Comments:
This was a well executed trade. I was a bit late in entering the trade (and hence the 4 rating), but the trend was strong and I believed it was worth the risk. And I turned out to be right on this one. There was a little scare in between when the pair pulled back a little,. but overall it was a nice upward trend. The pair continued to move further up after hitting my targets.