The Trade: EUR/JPY Short
Reason/Setup:
Entered the based on the OzFX setups on 1 hour chart. I also used the Elite setup on 1 hour chart to confirm the trend.
In the OzFX setup, I have both the 30 minute and 1 hour chart showing similar trend. The Stoch is relatively wide and is moving down. The price action also shows multiple red candles indicating strength in moving down.
The Elite setup was used just to confirm trend. Here the 3 EMA was below the 34 SMA and the CCI was below 0. SO it was safe to enter the trade.
Trade Details:
- Date Entered: April 21 2008, 6pm
- Entry: 164.042
- Lots: 10
- Stop Loss: 164.342
- Target: 164.542
- Date Closed: April 21 2008, 10:45pm
- Result: Pair hit target.
- Total Pips: +500
- Profit/Loss: $485.18
- Rating: 5
This was one of those good trades because of near perfect execution. I had placed my target 50 pips away and a stop of 30. Since the trend was strong on multiple time frames, the pair continued to move i my favor and almost hit my target point. But it then started to retrace its losses before starting to move back down. Good placements of stops and targets coupled with proper identification of the trend helped me win this trade.
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