The Trade: GBP/CHF Short
Reason/Setup:
This trade was based on the OzFX setup on 1 hour chart, but the real driving force was the strong trend in the 30 minute chart. So I entered the 1 hour chart a bit early trying to catch the reversal. It could be a premature move.
Trade Details:
- Date Entered: April 21 2008, 11:30am
- Entry: 1.9955
- Lots: 10
- Stop Loss: 2.0005
- Target: 1.9895
- Date Closed: April 22 2008, 4:40pm
- Result: Pair hit stop loss.
- Total Pips: -500
- Profit/Loss: $495.58
- Rating: 2
It sure was a premature move. Jumping into the trade before the Stoch gave a signal for good trend cost me in this trade. As can be seen from the chart, the very next candle, the trend reversed and so did the AO and Stoch indicators. I give this a rating of 2 since I broke my own rules of not basing trades off lower time frames and not waiting for the setup to develop on the 1 hour chart.
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