Trade Update - EUR/JPY Short CLOSED

Update 05-07-08 7:30 pm
Good trade to enter. And the OzFX setup is really working this week, especially in the 4 hour time frame. Too bad I got out too early on this trade, and I entered with just 5 lots. I think next time on, for OzFX setups with strong trend, I will enter with 10 lots and have a wide stop too. Those are higher probability trades.


Trade Results:
Date: 05-07-08 7:30 pm
Result: Pair hit target.
Total Pips: +500
Profit/Loss: $478.58
Rating: 5

Reason/Setup:
I entered this trade based on OzFX setup on both H4 and daily chart. On the H4 time frame, the trend has played out for multiple time frames now. But the Stochs are still wide, and I am hoping that the trend continues.

On the daily chart, the down trend is just beginning, and the Stoch has not yet crossed the 0 line. So this could be a potential risky entry where the trend might reverse.

I have the stop currently 50 pips away and the target 100 pips away.



Trade Details:
Date: May 07 2008, 2:30 pm
Entry: 161.046
Lots: 10
Stop: 161.546
Target: 160.046