Trade Update - GBP/JPY Long CLOSED

The Trade:
Going long the GBP/JPY pair.

System:
The trade is based on the Elite setup on 15 minute chart.

Explanation:

The Figure above shows the entry and exit point. I entered the trade based on the fact that when the 3 EMA hits the 34 SMA, there is normally a bounce. This is confirmed by looking at prior instances. And I was actually right about this idea, at least at the point where I entered.

• At 11:50pm I notice the price trying to bounce off the 34 SMA line. I enter long this candle (green) and place a stop loss 20 pips away, and target point 20 pips higher.
• The price initially goes higher, but falls back down and re-tests the 34 SMA line.
  
• Finally at 12:15am, my stop loss is hit and I am ot of the trade.
• Starting the next candle, we have a short rally before there is a sharp fall.

Results are as follows.

Total Pips: -200
Total Profit: $195.26

Mistakes:
There is one big mistake I made on this trade. That is to enter the trade very high. I entered the trade at the top end of the green bar instead of waiting it to fall closer to the 34 SMA. Add to it the 7 pip spread for this pair, and I am almost shooting myself in my foot. Had I waited for the bar to fall close to 34 SMA before entering, I might have escaped my stop loss being hit, and could have participated in the brief rally.

Rating:
Due to the poor entry, I have to rate this trade a 2.5 star. I could have done better. Just need more patience & discipline.

Entry & Exit:
Lots: 10
Entry (Long): 204.582
Stop Loss: 204.382
TP: 204.782