Trade Update - GBP/JPY Long

Trade:

• Pair: GBP/JPY Long
• Date: April 09 2008, 9:10am
• Entry: 202.079
• Lots: 5
• Stop Loss: 201.5
• Target: 202.379
• Reason/Setup: When I entered this trade long, the squeeze indicator had fired a buy signal on the 1 hour chart. But shortly after I entered, the trade, the indicator changed again to red.

Result:

• Date: April 09 2008, 9:40am
• Total Pips: -194
• Profit/Loss: $189.78
• Trade executed to plan? No
• Rating: 2
• Comments: First off, I made the mistake of entering the trade against the long term trend. Just yesterday I had entered the short side on this pair. And the short signal was still valid on the OzFX and A-MACD setups. But I entered this trade solely based on the squeeze indicator. Within 20 minutes of me entering the trade, my position went south and the indicator negated its signal. Hence I exited my trade early before it hit the stop loss. The interesting thing was I had entered an almost similar trade on the USD/JPY pair, except on the short side. the charts looks exactly similar. So no idea what made me go long this pair.