Trade Update - EUR/JPY Long

The Trade: EUR/JPY Long


Reason/Setup:
This trade is based on the Elite setup on 1 hour chart. This is not a conventional Elite setup entry as in there was no cross over of the moving averages Instead, I am looking for the prince to bounce off the 34 SMA line as this pair has been in a long uptrend and we have seen some sideways movement of late.

Trade Details:

• Date Entered: April 21 2008, 4:15pm
• Entry: 164.412
• Lots: 10
• Stop Loss: 164.112
  
• Target: 164.712

• Date Closed: April 21 2008, 4:45pm
  
• Result: Pair hit stop loss.
• Total Pips: -300
• Profit/Loss: $291.07
• Rating: 2

Comments:
As we see now, this wasn't a good trade to do. Few things going against me. First when you have such a long up trend, there is bound to be some consolidation. And next, the price has been moving sideways which is not good when entering trades. We need to wait for a definite break either up or down before looking to place a trade in this scenario. It didn't take too long for me to be stopped out of this trade.