Trade Update - GBP/JPY Short

The Trade: GBP/JPY Short

Date: April 14 2008, 10:15pm
Entry: 199.685
Lots: 10
Stop Loss: 199.88
Target: 199.485

Reason/Setup:
Trade entered based on the OzFX setup on 30 minute charts. As seen from the chart, AC and AO are showing red and stoch is moving down.


Result:
Although the pair moved i my favor and I closed out with a profit, I do not feel comfortable with the trade. Basically, trading on a 30 minute chart is too risky. In fact trading on any setup in anything less than 1 hour time frames is risky. Smaller time frames should only be used for trend confirmation. I feel I was lucky with this trade.

Date: April 14 2008, 11:10pm
Total Pips: +200
Profit/Loss: $197.61
Rating: 3

The low rating is due to the trade being entered based on a smaller time frame. While all the signals were valid in the setup, smaller time frames are just too risky.