The Trade: USD/JPY Long
Reason/Setup:
This trade was signaled by both the A-MACD setup and Elite up on 4 hour charts. On the A-MACD setup, I have the 5 SMA crossing over the 20 SMA. And the CCI is crossing above 0. And the AO and MACD are moving towards 0 indicating a buy.
On the Elite setup, the price had just broken the 34 SMA, and the 3 EMA crossed over the 34 SMA. I entered towards the end of the candle when the crossover happened. The 34 CCI had also crossed above 0.
Trade Details:
- Date Entered: April 15 2008, 1:30pm
- Entry: 101.819
- Lots: 10
- Stop Loss: Removed stop loss.
- Target: 102.319
- Date Closed: April 17 2008, 3:30am
- Result: Pair hit target.
- Total Pips: +500
- Profit/Loss: $504.64
- Rating: 3
The entry on this trade was pretty close to perfect. I entered as soon as the signals were given. I initially set the stop loss to 50 pips. But soon after I entered the position, there was a brief pullback of the price, and it seemed like it would hit my stop loss. So out of panic, I decided to remove my stop loss and keep a watch on the price action to determined if and when I should manually stop the trade. At one point, I was down almost 100 pips on this trade or almost $1000. But I still help on to this trade as something kept telling me the price would start moving back up. I was right and the price did move back up and hit my target point, but I was not emotionally detached in this trade, and hence the 3 rating.
Midway through the trade when the price started bouncing back up, the trade was also signaled by the OzFX system.
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