The Trade: EUR/CHF Long
Reason/Setup:
I entered this trade based on the Elite setup on 1 hour charts. Th e price has made a break of the 34 SMA and so has the 3 EMA. But I am not 100% convinced with this trade. While prior candles were positive when the moving averages crossed over, the price has been moving pretty much sideways for hours now. The CCI is also kind of moving sideways. It probably is not an ideal entry case if you ask me.
The only saving grace is that the long term trend (daily charts) is showing a move higher even though the 4 hour chart is showing a move down. I have put the target 30 pips away.
Trade Details:
- Date Entered: April 22 2008, 11:00 pm
- Entry: 1.60546
- Lots: 10
- Stop Loss: no stop loss set.
- Target: 1.60846
- Date Closed: April 23 2008, 5:50 am
- Result: Pair hit target.
- Total Pips: +300
- Profit/Loss: $297.32
- Rating: 5
Looking back, this was a great trade to enter. Good price action leading to entry even though the price moved sideways. And then once it broke out of the sideways trading pattern, the stock just moved a lot higher. I only wish I didn't place a small target and had a way to ride the upward trend. Or maybe find a better way to re-enter the trade in a higher time frame.
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