Trade Update - GBP/JPY Short

The Trade:

• Pair: GBP/JPY Short
• Date: April 08 2008, 4:30pm
• Entry: 202.111
• Lots: 10
• Stop Loss: 203.12
• Target: 201.12
• Reason/System: This trade was signaled by the OzFX system on daily charts. It was also confirmed by the A-MACD system. On the OzFX setup, we have the AC and AO indicators turn red. The price is also below the 200 SMA and the Stochastic is moving down. I entered the trade as soon as the AO turned red. The downtrend is also confirmed by the A-MACD system which shows the MACD and CCI cross below 0.
  

Reason:

• Date: April 08 2008, 9:30pm
• Total Pips: +1000
• Profit/Loss: $968.35
• Trade executed to plan? Yes
• Rating: 5
• Outcome: The OzFX setup is one of my favorites and gives me very high success rate. Knowing this, I took a big risk or entering this trade with 10 lots and also keeping a stop and target of 100 pips each. Also the fact that the trend was confirmed by the A-MACD system made me take the risk. It just took a little more than 5 hours for my trade to hit my profit target. Overall a very satisfactory trade.