Update 05-07-08 6:00 pm:
Looking back, I was a fool to exit this trade before it hit my stop. Had I not manually exit this trade, It would not have hit my stop. And immediately after the candle I excited, the trend had been sharply down. Missed out on an easy 100 pips in this trade.
Update 05-07-08 7:45 am:
It didn't take me more than 30 minutes to get out of this trade. I don't think its a good idea buying these hedging trades. Invariable they both end up on the losing side. The only way I am going to enter a trade of a pair that is open is if I can trade in the same direction.
The main reason that this trade failed was because I was late in entering it. I was just trying to push my luck, and that is never good.
Trade results:
Date: 05-07-08 7:45 am
Result: Manually closed the trade.
Total Pips: -241
Profit/Loss: $228.49
Rating: 1
Reason/Setup:
There seem to be a strong down trend as seen from the OxFX setups on H1 and H4. I currently have an open position on this pair on the long side, so I am not if this is a wise decision to make.
Trade Details:
Date: May 07 2008, 7:20 am
Entry: 162.047
Lots: 10
Stop: 162.347
Target: 161.747
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