The Trade:
- Pair: GBP/JPY Short
- System: Squeeze setup on 4 hour chart.
- Date: April 08 2008, 7:20am
- Entry: 201.486
- Stop Loss: 201.79 (30 pips)
- Target: 200.98 (50 pips)
- Reason: The squeeze indicator signaled a sell on the 4 hour chart for this pair. The long term trend for this pair is also down, so it seemed like a good risk/reward play. I entered the trade in the bar where the signal was fired. Unfortunately, I was a big late in the entry and entered close to the bottom of the candle.
Result:
- Date: April 08 2008, 9:30am
- Total Pips: -150
- Profit/Loss: $148.27
- Trade executed to plan? yes
- Rating: 4
- Outcome: The trade was executed to plan, but I made couple of mistakes. First was that I entered the trade late. The candle was signaled at 6am, but it wasn't 7:30am that I entered. This was costly as it was a difference of 10-20 pips in my favor. The other mistake was I placed a 30 pip stop instead of the usual 50 pips. Not sure why I did that.
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