The Trade:
- Pair: USD/JPY Short
- Date: April 07 2008, 7:55pm
- Entry: 102.145
- Lots: 10
- Stop Loss: 102.345 (20 pips)
- Target: 101.845 (30 pips)
- Reason/Setup: This trade was based on the Elite setup on 1 hour charts. In the 7pm candle, the 3 EMA had crossed below the 34 SMA. The CCI had also crossed below 0 indicating a move down. I entered this trade towards the end of the candle. The stop was placed 20 pips away just above the 34 SMA line.
Result:
- Date: April 07 2008, 8:30pm
- Total Pips: -200
- Profit/Loss: $195.42
- Trade executed to plan? Yes
- Rating: 5
- Outcome: Even though the trade went against me right from the start, I am happy with the execution of the trade. I followed the setup and entered the trade at the correct point. Maybe I could have waited for the next candle to confirm the trend before entering, but these are always easy to look back. I placed my stop loss and target points, and I cut short my losses early for this trade.
0 comments:
Post a Comment