Trade Update - GBP/CHF Short CLOSED

Update 05-07-08 7:00 pm:
My stops weren't big enough for this pair, and I ended up hitting it. Soon after hitting my stop, the pair proceeded to move back down. To make me feel worse, the short entry was also confirmed by the OxFX forum, and had I had the 100 pip stop as they recommend, I would still be in the game. Also the fact that I could have made almost 500 bucks on my initial trade, but I let it run down for a loss.


Trade Results:
Date: 05-07-08 7:00 pm
Result: bot trade got stopped.

Trade 1:
Total Pips: -342
Profit/Loss: $347.10

Trade 2:
Total Pips: -657
Profit/Loss: $643.20

Rating: 3

Good signal, but bad execution.

Update 05-07-08 6:00 pm:
I have not changed the stop loss for both trades to 2.0716. This is somewhere in between where the individual stop losses were. Usually when I change the stop loss, I end up losing more money. So this may not be a good move after all.

Update 05-07-08 3:30 pm:
I have changed the tar on both trades to 2.04574. This is just above the 50 EMA on the daily chart. Lets see how this works out as the target point is pretty far away.

Update 05-07-08 11:40 am:
Since this pair was moving in my direction, I decided to enter this trade again with another 5 lots. But I wanted to make sure the trend was confirmed. So I placed a sell stop order, and it was just hit. This entry was based on the Elite setup on H4. Once again, I placed the target and stop 100 pips away, but I might modify it based on how the trade plays out.


Trade Details:
Date: 05-07-08 11:30 am
Entry: 2.05846
Lots: 5
Stop: 2.06846
Target: 2.04846

Reason/Setup:
The setup used for this trade is OzFX on daily chart. I saw this signal yesterday, but I didn't take it because I have been burnt on this pair before. I also did no like the fact that the Stoch had not crossed the 0 line which means the sell signal could be a false one.

But by today morning, the pair had moved down, and now I am tempted to get into the trade. All indicators point to a continued move down. But I am still very late in entering this trade and have lost more than a 100 pips. But this is a volatile pair. Lets see which direction it moves. I entered with just 5 lots, and have the stop and target 100 pips away.


Trade Details:
Date: May 07 2008, 7:30 am
Entry: 2.06475
Lots: 5
Stop: 2.07475
Target: 2.05475