The Trade:
- Pair: USD/JPY Short
- Date: April 07 2008, 10:10pm
- Entry: 102.269
- Lots: 5
- Stop Loss: 102.50
- Target: 102.02
- Reason/System: This trade is based on the squeeze setup on 1 hour chart. The candle at the start of 10pm fired off the squeeze indicator. But since I had been burned by this pair earlier today, I decided to proceed with caution. I entered with only 5 lots, and placed the stop and target points 25 pips away. I also entered the trade as soon as I got the signal.
Result:
- Date: April 08 2008, 12:30am
- Total Pips: +125
- Profit/Loss: $122.03
- Trade executed to plan? Yes
- Rating: 5
- Outcome: The trade was executed to plan and I managed to walk away with a profit. However I was probably a little too conservative with the trade. The stop and target points were very narrow for a 1 hour chart. I could have gotten easily stopped. And I also missed bigger move down. But the result of my previous trade of this pair was fresh on my mind and I wanted to play it safe and reduce my risk.
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