Update 05-07-08 7:00 am:
Guess what. My theory actually worked. I just faded the Elite signal, and it worked like a charm. It took me just 30 minutes for this trade to hit my target. Too bad I closed out this trade so soon, and missed out on a 150 pip move.
Trade Results:
Date: 05-06-08 12 mid night
Result: target hit
Total Pips: +500
Profit/Loss: $476.27
Rating: 5
Reason/Setup:
Now I am trying something really weird. The past couple of days every time I entered a trade, especially based on the Elite setup, the trend immediately reversed and I ended being stopped out. So now, I am going to try to go against what the signal says.
In this particular case based on the Elite setup on H1, the pair is moving higher, and the moving averages have crossed over. According to the setup, this would be a buy signal. But I am going short this pair. The stop and target has been placed 50 pips away.
Trade Details:
Date: May 06 2008, 11:30 pm
Entry: 206.622
Lots: 10
Stop Loss: 207.122
Target: 206.122
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