Update 05-07-08 7:00 am:
This trade too a long time to develop. I massed around with the target point couple of time before settling down at the original 30 pips. And finally around mid night the target was hit. From the chart it seem that even a target of 40 or 50 pips would have been hit, but I am not going to get greedy and miss out on a good trade.
Trade Results:
Date: 0507-08 12:05 am
Result: Pair hit target.
Total Pips: +300
Profit/Loss: $294.17
Rating: 5
Update 05-06-08 7:15 am:
The pair is now rallying and looking to hit my target point. I have moved the target by 10 pips from 0.78961 to 0.79061. Lets hope this move does not bite me in the ass.
Reason/Setup:
I have been watching this pair for couple of hours now. Both the price and 3 EMA had crossed above he 34 SMA few hours ago. But the price action did not seem strong for an entry. And the wait was probably justified as the price moved down. But now that the price seem to have stabilized and starting to move back up, this might be a good time to enter long this pair.
Since each pip on this pair is worth almost $2, I entered with just 5 lots. Both stop and target is 30 pips away.
This trade by the way, is based on the Elite setup on 4 hour chart.
Trade Details:
Date: 05-05-08 6:15 pm
Entry: 0.78661
Lots: 5
Stop Loss: 0.78361
Target: 0.78961
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