The Trade: EUR/JPY Short
Reason/Setup:
This trade was signaled by the OzFX setup on 1 hour and 4 hour charts. The main entry was based off the 1 hour chart and this was for a quick 30 pip trade. As seen from the 1 hour chart, this was a good entry. The price action had been lower and the indicators had fired off correctly. Also the Stoch lines were wide apart indicating that the trend down is strong. Now that my account has reached 15K mark, I decided to enter with 15 lots per trade and kept the stop and target 30 pips away.
Trade Details:
- Date Entered: April 21 2008, 10am
- Entry: 164.096
- Lots: 15
- Stop Loss: 164.396
- Target: 163.796
- Date Closed: April 21 2008, 12:45pm
- Result: Pair hit stop loss.
- Total Pips: -450
- Profit/Loss: $435.83
- Rating: 3
While I made a good entry on this trade, I made a complete mess of the position sizing and stop placement. The plan to increase my position sizing to 15 lots meant that my stops would have to tighter. And this really hurt me in this trade. Had I placed my stop even as wide as 50 pips, I would have walked out of this trade with a win.
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