The Trade: USD/JPY Short
Reason/Setup:
I entered this trade based on the Elite setup on 1 hour chart. At the time of entry, the price had just crossed over the 34 SMA and so did the 3 EMA. The entry was made at the beginning of the new candle. I had a 30 pip stop and 50 pip target.
Trade Details:
- Date Entered: April 22 2008, 7:00 am
- Entry: 103.462
- Lots: 10
- Stop Loss: 103.162
- Target: 103.962
- Date Closed: April 22 2008, 7:20 pm
- Result: Closed position as it was moving against me.
- Total Pips: -250
- Profit/Loss: $245.13
- Rating: 2
As can be seen from the chart, the candles prior to where I entered the trade were all mixed. There were both up and down candles, and also candles with long wicks. This usualy means the price action is not very strong. Considering the candle prior to the entry candle was not positive, I should not have entered this trade. I manually closed this trade soon after entering it as the price moved against me.
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