The Trade:
- Pair: GBP/CHF Short
- Date: April 09 2008, 5:30pm
- Entry: 1.97369
- Lots: 10
- Stop Loss: 1.97869
- Target: 1.97069
- Reason/Setup: I entered this trade based on the OzFX setup on daily chart. I was however late in entering this trade, and hence I decided to scale down my risk by looking for just 30 pips profit. The stop was still placed 50 pips away. As for the trade, the AC and AO indicate red bars, and the Stoch is moving down all pointing to a sell.
Result:
- Date: April 09 2008, 9:47pm
- Total Pips: +300
- Profit/Loss: $301.19
- Trade executed to plan? Yes
- Rating: 4
- Comments: I am not giving this trade a perfect rating mainly because it was entered late. Had I entered this trade a day before, I could have easily targeted 50-100 pips as my profit target. The good thing I did with this trade was realizing I was late and limiting my profit to just 30 pips. Sure the price moved another 20-30 pips below my target, but soon the price action reversed and the candle closed higher, way above my stop. Hence I was right in taking my profit when I did.
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