Trade Update - GBP/USD Long

The Trade: GBP/USD Long


Reason/Setup:
Entered this trade based on the Elite setup on daily chart. From the chart it can be seen that Cable has closed higher the past 3 days, and the 3 EMA had crossed above the 34 SMA. This indicated a move higher.

I entered the trade this trade early on as soon as trading started.

Trade Details:

• Date Entered: April 20 2008, 6:15pm
• Entry: 1.99931
• Lots: 5
• Stop Loss: 1.98931
  
• Target: 2.00931

• Date Closed: April 21 2008, 1:10am
  
• Result: Pair hit stop loss.
• Total Pips: -500
• Profit/Loss: $500
• Rating: 5

Comments:
There is nothing wrong with the entry as the signal was valid in the setup. However I should probably not use the Elite setup on daily charts as its unpredictable.