Update 05-07-08 6:30 pm:
This trade did not work out that great. Again the OzFX setups that work are usually in the 4 hour time frames. The hourly and daily charts are a hit or miss. Here the price moved against me right from the beginning, and not too long after I entered the trade, I was stopped out.
Trade Results:
Date: 05-07-08 6:30 pm
Result: got stopped out.
Total Pips: -500
Profit/Loss: $494.22
Rating: 4
The trade still gets a good rating as I followed the signal and there is nothing I could do about it.
Reason/Setup:
Trade signal on the OzFX setup on daily chart. In fact, the signal was also available yesterday, but I wanted to make sure the trend is still intact. Maybe I waited too long since the pair has moved up almost 40 pips since the new candle was formed.
Another reason for entering this trade was because it was recommended by the OzFX forum. Stop and target 50 pips away.
Trade Details:
Date: May 07 2008, 5:15 pm
Entry: 0.9464
Lots: 10
Stop: 0.9514
Target: 0.9414
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