The Trade: GBP/USD Short
Reason/Setup:
This trade was based on the Elite setup on 1 hour chart. But I placed a sell stop order for this pair. The price was below the 34 SMA where I hoped the setup would be valid if the price fell to. But the candle where the trade was triggered was a huge one, and just spiked low enough to have the trade triggered. But the 3 EMA did not cross below the 34 SMA, But I am holding on to this trade and hoping that the move down continues.
Trade Details:
- Date Entered: April 22 2008, 11:30 0m
- Entry: 1.9878
- Lots: 10
- Stop Loss: no stop loss set.
- Target: 1.9848
- Date Closed: April 23 2008, 5:00 am
- Result: Pair hit target.
- Total Pips: +300
- Profit/Loss: $300
- Rating: 3.5
As its been happening to me the past few days, as soon as I entered this trade, the price moved up and I was immediately facing a huge loss. According to the Elite setup, the moving averages had still not crossed and this was not yet a valid trade. But I still help on. Finally few hours into the trade, the price decided to move back down, and went on to hit my target and continued moving down even further.
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