Trade Update - EUR/JPY Long

The Trade: EUR/JPY Long


Reason/Setup:
This trade was based loosely on the Elite setup on 1 hour chart. I say that because the trade was entered very late, and the 3 EMA had crossed the 34 SMA and was well above it. But it seem like the pair has good momentum behind it, and the OBV indicator is also showing money flow into the pair.

Update 04/22/08 11:30pm:
Reduced the target to 25 pips to compensate for the late entry. It seem that the pair has 4-5 up candles followed by 2-3 down candles which essentially negates the upward progress.

Trade Details:

• Date Entered: April 22 2008, 7:00 am
• Entry: 164.621
• Lots: 10
• Stop Loss: no stop loss set.
  
• Target: 164.871

• Date Closed: April 23 2008, 2:00 am
  
• Result: Pair hit target.
• Total Pips: +250
• Profit/Loss: $249.20
• Rating: 2

Comments:
I was lucky to get a win in this trade. This trade did not follow any particular setup, and I entered because my other trades were losing big amounts, and I was trying to trade more and make up for those losses. But this is a terrible trade.