Trade Update - EUR/USD Short

The Trade: EUR/USD Short


Reason/Setup:
Entered based on squeeze indicator on daily chart. Price action indicates strong move down.

Squeeze histogram shows the red bar is significantly lower than the previous bar indicating a healthy move down. I am anticipating a move of few 100 pips, but I have set up the initial target at 100 pips.

Currently I would consider this as a 5 rank trade.

Trade Details:

• Date Entered: April 28 2008, 4:50pm
• Entry: 1.56466
• Lots: 10
• Stop Loss: no stop loss set.
  
• Target: 1.55466

• Date Closed: April 29 2008, 1:05 am
  
• Result: Pair hit target.
• Total Pips: +500
• Profit/Loss: $500
• Rating: 5

Comments:
This was a very good trade to enter. Perfectly executed and goo timing with entry. The trade was in the money from the very beginning, and it was a steady move in my direction to hit the target. I could have continued holding on to the pair even now, and I would still have a good profit of over 200 pips.