The Trade: GBP/JPY Short
Reason/Setup:
Like the previous trade, the 30 minute and 1 hour chart on the OzFX system seem to move in the same direction. One of those rare opportunities I need to make use of. What was different in htis trade from the previous one is that I had only 1 down candle before the candle where I entered. So I did not wait to see the trend being confirmed. But the 30 minute chart had a strong trend down which convinced me of the 1 hour following suit.
Trade Details:
- Date Entered: April 18 2008, 10:10am
- Entry: 207.761
- Lots: 10
- Stop Loss: No stop loss.
- Target: 207.261
- Date Closed: April 18 2008, 11:45am
- Result: Pair hit target point.
- Total Pips: +500
- Profit/Loss: $481.02
- Rating: 5
Yet another good trade. I may have been a little early in entry since I did not confirm the trend. But there were number of reasons which made me enter the trade. First was the strong trend shown by the 30 minute chart. I had already seen multiple lower closes in the price action. The in the 1 hour charts, the Stochs were wide indicating strength in the move lower.
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