The Trade: USD/JPY Short
Date: April 14 2008, 7:15am
Entry: 100.68
Lots: 10
Stop Loss: 100.88
Target: 100.38
Reason/Setup:
The trade was entered based on the Elite setup on 15 minute charts. The 3 EMA had crossed below the 34 SMA. The CCI had also dipped below 0 signaling a sell. The entry was made as soon as the new candle was beginning.
Result:
Even though the entry was perfect, the trend soon reversed, and pair soon started moving higher. My stop loss was soon hit.
Date: April 14 2008, 10:56am
Total Pips: -200
Profit/Loss: $198.24
Rating: 4
The reason I rate this a 4 is because the 15 minute chart is not very predictable for entering trades. It gives to many false spikes and I should concentra on higher time frames.
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