Trade Update - EUR/USD Short

The Trade: EUR/USD Short


Reason/Setup:
This trade is based on the Elite setup on daily charts. I entered this trade before the actual signal was triggered as the trend was clearly visible and I had captured the trend in lower time frames. The 3 EMA is just about to cross the 34 SMA. And the Dollar has been in a major rally mode against all majors the past couple of days, so hopefully this trend will continue. Also the entry on this trade was perfect, so all it needs now is some good execution.

Trade Details:

• Date Entered: April 24 2008, 2:45 pm
• Entry: 1.56702
• Lots: 10
• Stop Loss: no stop loss set.
  
• Target: 1.5400

• Date Closed: May 02 2008, 5:30 am
  
• Result: Pair hit target.
• Total Pips: +2702
• Profit/Loss: $2702
• Rating: 5

Comments:
This proved to be a great trade to enter and one of those high probability trades. I had placed the target at one of the Fib levels and it worked out perfectly. It too a few days for the trade to play out, but in the end, I captured a near 270 pip run. While it does look like it ready to continue down further, I am just going to take my profits and close out the trade.