Trade Update - EUR/JPY Long CLOSED

Update 04-04-08 7am:
Another trade where I messed with the target point moving it between 20 and 50 pips. But I was lucky to set it to 30 pips before going to bed. The last up candle hit the target point before a broad Yen rally caused the pair to pullback steeply.

Total Pips: +300
Total Profit: $293.24

The Trade:
Going long the EUR/JPY pair.

System:
The trade is entered based on the Elite setup on 1 hour charts.

Reason:
On the 1 hour chart, we see the price move back up after a brief consolidation. The Euro has been on an extended uptrend against the Yen the past week, and I am trying to follow that trend. The 3 EMA has just crossed over the 34 SMA on the Elite setup. The 34 CCI has also broken above 0. I don't have the perfect entry timing, but I think I should still be able to catch the trend. I am looking for a 50 pip target point and I have the stop loss just below the 34 SMA.


Rating:
I will rate this trade a 4 star. The Euro has been on an extended uptrend against the Yen. And while a pullback is imminent, I think I will be able to catch this ride. I didn't get the entry spot on, but I am not too far from the 34 SMA.

Entry & Exit:
Lots: 10
Entry (Long): 160.517
Stop Loss: 160.117
TP: 161.017