Trade Update- GBP/USD Short

The Trade: GBP/USD Short


Reason/Setup:
I had previously entered this trade on the 1 hour chart, and it had been a good move. I now noticed that the same Elite setup was now playing on the 4 hour chart meaning the move from the lower time frame was continuing on the bigger time frame. I could have done well to continue holding that position. But since I had sold it, I decided to take this opportunity to enter the trade one again.

This time, I kept the target 60 pips away since I was working on bigger time frame.

Trad Details:

• Date Entered: April 23 2008, 7:00 am
• Entry: 1.97888
• Lots: 10
• Stop Loss: no stop loss set.
  
• Target: 1.97288

• Date Closed: April 24 2008, 1:10 am
  
• Result: Pair hit target.
• Total Pips: +600
• Profit/Loss: $600
• Rating: 5

Comments:
This was a good trade to enter. I wish I had held on to the trade from the 1 hour chart and pyramided into this trade on the 4 hour time frame. Good entry and exit and an overall good execution. It might seem I entered a bit late in the candle, but I wanted for the 3EMA to cross the 34 SMA before entering.