Update 05-05-08 2:30 pm:
Guess what? Soon after I entered this trade short, it started moving up again. And too bad I closed my previous long trades as the pair would not have hit the stop and would not be close to break even. Just not getting it right for this pair. So I am going to star away for a while.
Trade Results:
Date: May 05 2008 2:30 pm
Total Pips: -300
Profit/Loss: $300
Rating: 4
Reason/Setup:
This trade was signaled by multiple setups, both on 1 hour chart. On the OzFX setup, the price action shows good volume and the stoch is below the 0 line and heading down. And on the Elite setup, the 3 EMA has just crossed below the 34 SMA indicating a potential move down.
I did enter this trade towards the end of the candle instead of waiting until the next candle. This could prove to be a premature move. Lets see.
I am also going to try something different from this trade on. ON top of the normal stops, I am also going to have a timed stops for my trades especially the ones on lower time frames. So for this trade, I will be closing it in 4 hours if it doesn't move in my direction.
Trade Details:
Date: May 05 2008, 11:45 am
Entry: 162.326
Lots: 10
Stop Loss: 162.626
Target: 162.026
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