Trade Update - EUR/GBP Long

The Trade: EUR/GBP Long



Reason/Setup:
I entered this trade based on the A-MACD and Elite setups, both on 4 hour charts. On the A-MACD setup, the moving averages have crossed over, and the AO and MACD are moving towards 0.

On the Elite setup, the 3 EMA has not yet crossed over the 34 SMA. But we have had some strong long candles which pushed the price above the 34 SMA. Hoping the trend wil continue.

Trade Details:

• Date Entered: April 21 2008, 7:30am
• Entry: 0.80354
• Lots: 7
• Stop Loss: 0.80054
  
• Target: 0.80854

• Date Closed: April 22 2008, 2:30am
  
• Result: Pair hit stop loss.
• Total Pips: -210
• Profit/Loss: $418.11
• Rating: 3

Comments:
There were couple of mistakes I made on this trade. First off in the A-MACD setup, I entered this trade late. Even in the bar where I should have entered, I entered at the very top. And on the Elite setup, the moving averages had not yet crossed. So it was probably lack of patience on my part to enter it when I did.

Another important factor was that in the run up peceding my entry, the candles had been long. When this happens, I should probably also check the volume indicators to see if the steam has run out for this pair.