The Trade:
- Pair: EUR/JPY Short
- Date: April 10 2008, 7:40am
- Entry: 159.163
- Lots: 10
- Stop Loss: 159.663
- Target: 158.663
- Reason/Setup: There were couple of reason why I entered this trade. First was that the Yen pairs had a significant move down during the Asian and European session overnight. I had already handsomely profited off that move yesterday, but I wanted to ride it a bit more. The next reason was that the OzFX signal was still valid on this pair, although it was a day old. In the chart the green candle marks the entry candle and the red the stop candle.
Result:
- Date: April 10 2008, 8:07am
- Total Pips: -500
- Profit/Loss: $494.43
- Trade executed to plan? No
- Rating: 1
- Comments: Very sloppy trade and complete lack of patience. First off I wanted to find a reason to get into the Yen pairs due to the overnight sell offs. hence I used the old OzFX signal. Next, I tried to enter based on the Elite setup. Here I first placed a sell limit order where the 10 SMA was, hoping to enter on pull back. But when price started moving towards that level, I decided to move the limit higher. As soon as I did that, price started falling again and I felt I was going to miss the trade. Hence I canceled the limit orders and entered the trade at market, way below my initial entry point. In the end, a very forgettable trade.
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