Update 04-04-08 7am:
I am proud of this trade. Caught the trend early. Confirmed it using 2 system. Had the confidence in the setups and entered with 10 lots as I felt the risk/reward was worth it. I also did not mess with the stop loss or target points. End result is that my target point was hit overnight for my biggest profit. I need to do more of these types of trade. One or 2 a month would if you ask me. The question is do I have the patience and discipline to wait the rest of the days for a perfect setup like this?
Total Pips: +1000
Total Profit: $1000
The Trade:
Going long the GBP/USD pair.
System:
This trade was entered based on the A-MACD 4 hour setup. The trend is also confirmed by other setups.
Reason:
On the A-MACD setup, we have the 5 SMA cross over the 20 SMA. And the 34 CCI crossing above 0. We also have the AO and MACD moving towards 0.
We also have trend confirmation on other setups. On the OzFX setup on the daily chart, we have the AC turn green and the Stoch and other indicators moving up.
On the HAS setup with hourly charts, we see 2 or more blue bars on multiple time frames confirming trend.
And finally on Elite system on hourly charts, we see the 3 EMA has already broken through the 34 SMA and trending strongly higher.
A-MACD(4 hour):
OzFX(Daily):
Trend(Daily):
HAS(1 hour):
Elite(1 hour):
Rating:
I will rate this trade a 4 star. We are catching right at the start of a trend based on a 4 hour chart. Couple of drawbacks in this entry. The current candle which caused the crossover is a huge one. This might signify a pullback in price soon. And also, I did not wait for trend confirmation by trying to enter in the next candle.
I think this trade requires patience to develop. It might have short term pullback, but will move higher given some time.
Entry & Exit:
Lots: 10
Entry (Long): 1.99417
Stop Loss: 1.98417
TP: 2.00417
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