Update 05-05-08 11:30 pm:
Once again I entered the trade right at the end of the trend. I don't think I know what exactly I am doing wrong here. I followed the setups and the signals. Yes I did enter it one candle early, but I would have still entered the trade the next candle due to a valid signal and still would have gotten stopped out.
Trade Result:
Date: 05-05-08 11:30 pm
Result: Pair got stopped out.
Total Pips: -300
Profit/Loss: $300
Rating: 4
Reason/Setup:
Entered this trade based on Elite setup on 1 hour chart. One could argue that I was too early in entering this trade as I did not wait for for a new candle before entering to confirm trend. But entering right when the moving averages cross allows me most room for my stop and target point. Whether its premature or not, only time will tell. As of now, I wouldn't rate this as a high probability trade, so the rating is just 3.5
Again since this is based on H1, I am also going to have a time based stop of 5 hours. If this pair doesn't do anything by 9pm, I will manually close this trade.
Trade Details:
Date: 05/05/08 4:10 pm
Entry: 1.97415
Lots: 10
Stop Loss: 1.97115
Target: 1.97715
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