The Trade:
- Pair: GBP/JPY Short
- Date: April 09 2008, 15pm
- Entry: 199.729
- Lots: 5
- Stop Loss: 200.729
- Target: 198.729
- Reason/Setup: This trade was entered based on the OzFX setup and Elite setup, both on daily charts. On the OzFX setup, I entered the trade a day late, but the trend was still down. I also noticed that there was a trade on the Elite setup. The 3 EMA was crossing below the 34 SMA and the CCI was below 0. The entry on the Elite was timed well and hence I took this trade. Considering I was late in entering this trade, I opened a smaller position but had the stop and limit at 100 pips away.
Result:
- Date: April 10 2008, 4am
- Total Pips: +500
- Profit/Loss: $498.33
- Trade executed to plan? Yes
- Rating: 5
- Comments: I was late entering this trade based on the OzFX system but the entry on the Elite system on daily charts was properly timed. the HAS indicators is also beginning to show a signal for this trade. I also did the right thing to cut down on the position size and increase the pip limit as this is a volatile pair.
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