Trade Update - USD/JPY Short

The Trade:

• Pair: USD/JPY Short
• Date: April 10 2008, 7:40am
• Entry: 100.588
• Lots: 10
• Stop Loss: 101.088
• Target: 100.088
• Reason/Setup: Yet another trade where I used the old OzFX signal which was signaled almost 2 days prior to enter this trade. The Elite setup on 15 minute chart shows that at the point of entry, the pair was actually starting to move higher. Yet I ignored that fact and just saw what I wanted to see.
  

Result:

• Date: April 10 2008, 8:06am
• Total Pips: -500
• Profit/Loss: $494.59
• Trade executed to plan? No
• Rating: 1
• Comments: This was yet another trade where I saw the signal as I wanted to so I could enter the trade. I had already made up my mind to enter all JPY pairs short. The Elite setup clearly shows the trend shifting and the pair starting to rally. Yet I decided to go short. Terrible trading.