Trade Update - AUD/USD Short a.k.a How to Lose $500 on a Winning Trade

Update 05-02-08 8:00 am:
I have named this trade "How to lose $500 on a winning trade". Because that's precisely what happened here. The trade moved in my favor and would have hit my target had I not changed it at the last minute. After that the trend reversed, and I never even came close to hitting my target. So moving the target did not prove to be a wise decision in the end.


Date: May 02 2008, 8:00 am
Result: Pair hit my stop loss.
Total Pips: -500
Profit/Loss: $509.20
Trade Rating: 3.5

Update 05-01-08 11:30pm:
There is a sudden movement of price and the pair was very close to hitting my target. I changed the target from 50 pips (0.92792) to the next Fib level at 0.92472. The pair briefly went past my initial target before pulling back. Only time will tell if this was a good decision.

Update 05-02-08 7am:
It currently looks like changing the target was not the right thing to do. The price has moved right back up and close to the 34 SMA line. So instead of having locked in 500 point profit, I am currently down almost 200.

Reason/Setup:
Entered based on Elite setup on 4 hour chart. Good entry, as the moving averages have just crossed. Stops and target 50 pips away. So far rating is a 5.


Trade Details:
Date: Mat 01 2008, 7:30 am
Entry: 0.93292
Lots: 10
Stop Loss: 0.93792
Target: 0.92792