Trade Update - GBP/CHF Short

The Trade: GBP/CHF Short


Reason/Setup:
Trade based on the Elite setup on 1 hour chart. I am late in the entry of this trade by couple of hours. But I am hoping to catch the trend down and make 50 pips. More over, I already have an open position in this trade. So just want to average down and see if I can make a profit here to offset the loss I will take from the other position.

Trade Details:

• Date Entered: April 28 2008, 12:05 am
• Entry: 2.04636
• Lots: 10
• Stop Loss: no stop loss set.
  
• Target: 2.03876

• Date Closed: April 28 2008, 4:40 pm
  
• Result: Manually closed the trade.
• Total Pips: -1270
• Profit/Loss: $1227.76
• Rating: 2.5

Comments:
Again a trade full of mistakes. I already have an open position in this pair which is killing me. And while the Elite setup might have been valid, I should have stayed away from entering this pair once again. And my late entry didn't help either as the pair soon moved against me.

The irony of the situation is that when I finally gave in and closed the position as I could not take the pain anymore, the pair moved down. And it would have hit my target had I still been in the trade. Anyway, lesson learnt.