System:
This trade was entered based on the Elite setup on 1 hour chart.
Reason:
At 6pm, the candle moved higher causing the 3 EMA to cross over the 34 SMA. The CCI also crossed above 0. I wanted for the close of this candle, and entered the trade at the beginning of the next candle. At 7pm, I was long this pair at 102.478. Stop was placed 30 pips away at 102.178 and the profit target was 30 pips away at 102.78
After an initial move down, the pair gained strength and started moving higher. Finally at 12:20am it hit my price target an I closed the position.
Lots: 10
Entry (Long): 102.478
Stop Loss: 102.178
TP: 102.78
I retrospect, I should have been more cautious in entering this trade. The trigger candle was a long one and considering that, I should have atleast kept the profit target small. In the end, it worked out fine, butthis had an element of luck involved.
Total Pips: +300
Total Profit: $293.82
Rating:
The entry and trade execution was good. The only drawback was the entry signal was not ideal. But it still was a valid entry, and I will rate this trade 4.5
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