The Trade: EUR/USD Short
Reason/Setup:
This trade was entered based on the price action setup on 4 hour chart. As can be seen from the chart, the highlighted section shows the price action leading to the trade. We had 2 lower closes following a run higher indicating a trend reversal. As with the rules of the setup, I set the stop at the high of the triggering candle (candle following which lower closes were made), and his happened to be 50 pips away.
Trade Details:
- Date Entered: April 16 2008, 6:15pm
- Entry: 1.59306
- Lots: 5
- Stop Loss: 1.5980
- Target: No target point set.
- Date Closed: April 17 2008, 2:20am
- Result: Pair hit stop loss.
- Total Pips: -250
- Profit/Loss: $247
- Rating: 4
Unfortunately, the stop in this case happened to be too close. The pair continued to just hit the stop and then proceeded to move down sharply. So I ended up getting stopped and moved the big move down.
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