The Trade: GBP/USD Short
Reason/Setup:
Entered this trade based on the A-MACD setup and Elite setup, both on 4 hour charts. But on the Elite setup, the 3 EMA has not yet crossed below the 34 SMA. And also on both setups, the CCI has crossed the 0 line, but the angle is not healthy and is hugging the 0 line. It could potentially move back up which means this is not the ideal trade to enter.
Also on the 4 hour charts, I was late in entering this trade. I did not enter the trade as soon as the new candle started.
Update 04/21/08 4:50pm:
Thinking back, this is not a good trade. The 3 EMA never crossed below the 34 SMA in the Elite setup when I entered the trade. And of course, the pair promptly moved against me as soon as I entered. That is what happens when you ignore your rules and try to enter your trade early.
Trade Details:
- Date Entered: April 21 2008, 3pm
- Entry: 1.97855
- Lots: 10
- Stop Loss: 1.98355
- Target: 1.97255
- Date Closed: April 22 2008, 2am
- Result: Pair hit stop loss.
- Total Pips: -500
- Profit/Loss: $500
- Rating: 2
As mentioned in my update, I entered too early and the signal in the Elite setup never developed. Systems and rules are only as good as its being followed correctly. Every time I try to break the system or rules, I end up with a losing trade.
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