Trade Update - GBP/JPY Short

The Trade: GBP/JPY Short

• System: Elite setup on 1 hour charts.
• Date: April 07 2008, 10pm
• Lots: 10
  
• Entry: 203.196
• Stop Loss: 203.59 (40 pips)
  
• Target: 202.896 (30 pips)
• Reason: Trade based on the Elite setup. The 3 EMA is moving below the 34 SMA. The CCI is also moving below 0 indicating a strong move down. I placed the stop close to the 34 SMA line and the target point 30 pips away.

Result:

• Date: April 08 2008, 11:56pm
• Total Pips: +300
• Profit/Loss: $293.25
• Trade executed to plan? Yes
• Rating: 5
• Outcome: This proved to be one of those low risk/reward play. I had in fact entered the start of a big downward move of the pair. The trend continued for another 200 pips.