Trade Update - GBP/USD Short CLOSED

Update 05-06-08 11:30 pm:
This was an excellent trade to be in. Price moved sideways for a while when the volume was low, and once the Asian and European session got underway, the pair just tanked. I initially had a 30 pip target on this pair, but the pair was showing some strong trend down. So i kept modifying the target 10 pips down at a time. At one point, the price moved down so quick that before I could change, my target was hit. Thats a shame because I could have really rode this pair for some huge gains.


Trade Results:
Date: 05-06-08 11:30 pm
Result: Pair hit modified target point.
Total Pips: +500
Profit/Loss: $486.10
Rating: 5

Reason/Setup:
Entered this trade based on the OzFX setup in H1. Looks like that is the only setup that is working for me lately. As can be seen from the chart, the the indicators show a nice trend down. Both the AC and AO have multiple red bars, and the Stoch has crossed below the 0 line and is moving down.

The concern however is the price action. The previous candles have been anemic even though they have moved down. Let us see if they can continue to move down further.


Trade Details:
Date: 05-06-08 12:20 pm
Entry: 1.97248
Lots: 10
Stop: 1.97548
Target: 1.96948