Trade Update - USD/CAD Short

The Trade: USD/CAD Short

Date: April 15 2008, 7:15am
Entry: 1.01825
Lots: 10
Stop Loss: 1.02325
Target: 1.01325

Reason/Setup:
The trade was identified by the OzFX setup on 1 hour chart. But after checking the pair with other setups, it was also confirmed by the A-MACD and Elite setup, both on 4 hour charts. The entry of the trade could not have been more perfect on all setups.

On the 1 hour chart of OzFX, the down trend was alredy confirmed, and the wide stoch confirmed that trend. On the A-MACD system, the moving averages were just crossing lower, and so was the CCI. And in the Elite setup, the 3 EMA was crossing below the 34 SMA, once again a perfect setup.




Result:
The trade started off slow as I entered the oair after the close of the US session. The first couple of hours, it just moved sideways. And then once the steam picked up, it was just a straight clean downward move. During the move, the OzFX setup also signaled a sell based on the daily chart.

I had placed my target 50 pips away and managed to hit it. However, the trend was strong and I could have continued to hold. The pair continued its move down by another 100 odd pips. Could have been a really big winner.

Date: April 15 2008, 11:30pm
Total Pips: +500
Profit/Loss: $493.49
Rating: 5

This was a near perfectly executed trade. The entry was flawless and I waited patiently for the trade to form and hit my target. I never messed around with the stop. The only drawback is I closed the trade early. I need to figure out how I can stay in winning trades like this for longer.