The Trade: EUR/CHF Short
Reason/Setup:
Another trade entered based on the OzFX setup on 1 hour chart. The price action showed a nice move down and the indicators seem to agree. The Stoch was also wide apart indicating a good entry. Checking the 30 minute chart, I noticed that the trend was strong there too.
The only flaw with the trade was I entered it late. I had missed about 30 minutes since the candle opened. But considering that the 30 minute chart showed strong trend, I decided to take it anyway.
Trade Details:
- Date Entered: April 21 2008, 11:30am
- Entry: 1.6034
- Lots: 15
- Stop Loss: 1.6064
- Target: 1.6004
- Date Closed: April 22 2008, 1:20pm
- Result: Pair hit stop loss.
- Total Pips: -450
- Profit/Loss: $445.83
- Rating: 3
In retrospect that late entry did not do me any good and in fact cost me a win. I entered close to the bottom in that candle, and that meant when the price pulled back, I got stopped. As with my previous trade, I entered with a large position size and tighter stop which did not help either. It didn't take much time for me to get stopped in this trade.
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