I made 2 trades on this pair today (April 10 2008) they were both terrible decisions. The green and red candles marked when I entered and got stopped in these trades.
Trade 1:
The first trade was made based on the Elite setup ion 15 minute charts. The yen pairs have been in steep decline the past day. On the 15 minute chart, we can see a brief rally where the 3 EMA crossed the 34 SMA before pulling back down. As per the Elite setup, I decided to enter the trade short once the 3 EMA crossed below the 34 SMA. However, I was late in entering the trade, and entered close to the bottom of the candles shown in blue. The stop loss was 40 pips away just above the 34 SMA line.
Entry: 198.756
Lots: 10
Stop Loss: 199.156
Target: 198.456
Rating: 4
Total Pips: -400
Profit/Loss: $398
Unfortunately, the pair decided to rally again and I soon hit my stop loss. Atleast I didnt feel so bad about this trade as I followed the setup and it was a regular loss. But what I did next was inexcusable.
Trade 2:
I checked all the JPY pairs on the OzFX setup on daily charts, and decided that the signal was still valid. So I entered short on them all including this pair. Even though I cut my lot size to 5, I had a 100 pip stop & a 50 pip target for this trade. The Elite setup clearly showed an uptrend in the making when I entered short the 2nd time. Just poor trade and I don't know what I was thinking.
Entry: 199.048
Lots: 5
Stop Loss: 200.048
Target: 198.548
Rating: 1
Total Pips: -500
Profit/Loss: $493.98
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