The Trade: USD/JPY Long
Reason/Setup:
I entered this trade based on the recommendation from the OzFX frum. The trade was based on the OzFX setup on the daily chart. I was a bit late with the entry, but since this is a daily signal, decided to go ahead with it. Target was 100 pips away, and stop was to be a ental one.
Trade Details:
- Date Entered: April 27 2008, 8:15 pm
- Entry: 104.71
- Lots: 10
- Stop Loss: no stop loss placed.
- Target: 105.71
- Date Closed: April 28 2008, 1:00 pm
- Result: Manually closed pair.
- Total Pips: -526
- Profit/Loss: $504.88
- Rating: 3.5
The reason I took this trade was because at the time, I have a lot of open trades that was ling me great amounts of money. And I just wanted to get into newer trades where I could make up for some of the losses I would have with the open positions.
The problem was that, I should never had gotten into this trade in the first place. Look at the AC indicator in the chart. Its practically hugging 0 for the last 2-3 bars which indicates it has no clear direction or strength. So this is not really a high probability trade to begin with.
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