Update 05-06-08 9:00 am
This trade went against me right from the start. I got in pretty much close to the top. And soon, the trend reversed. And the fact that I had a 100 pip stop and target did not help and just increased my loss.
Trade Results:
Date: 05-07-08 9:00 am
Result: Pair hit stop.
Total Pips: -969
Profit/Loss: $919.83
Rating: 3
Reason/Setup:
I entered this trade based on the OzFX setup. And it was signaled on both the 4 hour chart and daily chart. On the daily chart, the Stoch lines are wide and heading up, but is currently closing in on over sold area. On the H4 time frame, the signal indicate a perfect entry.
I think this is a good trade to enter as its not too often that you get the same signal on 2 different time frames. Pity I was a bit late with the entry and missed out on 15 pips. I have the stop and target 100 pips away to give some room for this trade to develop.
Trade Details:
Date: 05-06-08 4:30 pm
Entry: 162.869
Lots: 10
Stop Loss: 161.90
Target: 163.869
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