Trade Update GBP/CHF Long CLOSED

Update 04-02-08 9:15pm:
Took a while due to low volume, but the pair raced higher(currently over 20 pips higher from my TP) once the volume picked up and hit my target point.

Total Pips: +200
Total Profit: $197.67

Update 04-02-08 6pm:
Went long this pair yet another time today. This time based on the Elite setup on 15 minute charts. I feel I got a good entry point for this pair. Just got to make sure the trend sticks.


Update 04-02-08 2:20pm:
I made yet another trade on this pair that wiped out the profits I had made from the previous 2 trades. There were 2 reasons for the loss.

One was that, I did not shop the patience and discipline to enter the trade at my pre-arranged level. Instead, when my buy limit was not triggered on the pullback (missed by less than a pip), I decided to chase the price and got in at a higher rate. This is especially bad for a pair with big spread like this one.

The other was that I failed to follow my exit rules. My observation based on the Elite setup on 15 minute chart was that the pair always managed to bounce off the 34 SMA, and that would be a good entry point. But instead, I kept holding on to the pair and not cutting my losses short when the pair continued to move below the 34 SMA. The trend had clearly been broken, and I had to cut my losses short which I didn't.

Here is a chart of the trade I entered.


And the results of my 3rd trade:

Total Pips: -346
Total Profit: $343.20

Update 04-02-08 8:15am:
I re-entered this pair again, but closed it out for a small profit before it hit my target point. I felt the risk was too great. But what I noticed was that in the Elite setup, whenever there is a pullback, it bounces off the 34 SMA. So this seems to be the idea place (and less risk) to put a buy limit order to get into the next wave.

Results of second trade:
Total Pips: +60
Total Profit: $59.18

I have put a buy limit order at 2.00559.

Update 04-02-08 7:40am:
This trade just took 10 minutes to hit its target. nice quick way to earn 200 pips. I will be looking to re-enter this trade again.

Total Pips: +200
Total Profit: $197.23

The Trade:
Still a valid signal on OzFX and A-MACD systems, and its been rallying all night. So going long this pair again.

System:
The original signal is based on the OzFX daily setup and A-MACD 4 hour setup. But this particular entry is based on the Elite setup.

Reason:
I entered this trade originally based on the signal from OzFX and A-MACD setup. Those signals are still valid and the pair is still in an uptrend. So I am just following the trend to get some small pips.



Rating:
I would rate this trade a 4 star since the main trend is still alive and strong. The only risk is that we might be entering the trade at the tail end of the trend.

Entry & Exit:
Lots: 10
Entry (Long): 2.00714
Stop Loss: 2.00514
TP: 2.00914