Trade Update - USD/CAD Short

The Trade: USD/CAD Short


Reason/Setup:
This trade was signaled in the squeeze setup on daily charts. Bu I was skeptical of this trade as all other setups and indicators indicated a move higher. But I still entered as I was given a signal.

Trade Details:

• Date Entered: April 16 2008, 2:10pm
• Entry: 1.0006
• Lots: 5
• Stop Loss: 1.0056
  
• Target: 0.9906

• Date Closed: April 17 2008, 4:00am
  
• Result: Pair hit stop loss.
• Total Pips: -250
  
• Profit/Loss: $248.58
  
• Rating: 3

Comments:
In the chart, the squeeze indicator still shows a red dot at the bar I entered. But this was green at the time of entry. The bar changed when the price moved higher. Also the next bar (next day) also signaled a sell and had I entered this one, it would have been more profitable. But I failed to take that trade.

The 3 rating is because other indicators pointed to a move higher. So I should not have taken this trade even though it was signaled by the squeeze. Or I should have had a wider stop for this trade.