System:
This trade was entered based on the Elite setup on 1 hour chart.
Reason:
At 6pm, the candle moved higher causing the 3 EMA to cross over the 34 SMA. The CCI also crossed above 0. I wanted for the close of this candle, and entered the trade at the beginning of the next candle. At 7pm, I was long this pair at 102.478. Stop was placed 30 pips away at 102.178 and the profit target was 30 pips away at 102.78
After an initial move down, the pair gained strength and started moving higher. Finally at 12:20am it hit my price target an I closed the position.
Lots: 10
Entry (Long): 102.478
Stop Loss: 102.178
TP: 102.78
I retrospect, I should have been more cautious in entering this trade. The trigger candle was a long one and considering that, I should have atleast kept the profit target small. In the end, it worked out fine, butthis had an element of luck involved.
Total Pips: +300
Total Profit: $293.82
Rating:
The entry and trade execution was good. The only drawback was the entry signal was not ideal. But it still was a valid entry, and I will rate this trade 4.5
USD/JPY Long - April 06 2008
USD/CHF Long - April 06 2008
Setup:
This trade was based on the Elite setup on 4 hour chart.
Reason:
This wasn't the regular Elite setup. The 3 EMA was already above the 34 SMA and the CCI was above 0. But the price was showing a pullback towards the 34 SMA. My entry was based on the assumption that the price would bounce off the 34 SMA and would move higher.
The candle at 2pm shows that we did infact bounce off the 34 SMA. The next candle moved higher confirming the bounce. I also noticed a divergance between the 3 EMA and 10 SMA confirming a strong bounce. I entered this trade a bit late than desired, but I wanted to confirm the bounce.
I entered the trade at 8:40pm at 1.01142. The stop was placed 50 pips away at 1.00642 and the price target 50 pips away at 1.01642. Finally little past mid-night at 12:20am, my taget point was hit.
There are couple of things I would have changed for this trade. First off, since this was a bounce and not a new entry, I would not have placed a 50 pip stop and target. I would have kept it at 20-30 pips even if it were a 4 hour chart. Next, I would have tried to enter this trade earlier instead at the end of the 2nd confirming candle.
Lots: 10
Entry (Long): 1.01142
Stop Loss: 1.00642
TP: 1.01642
Total Pips: +500
Total Profit: $491.88
Rating:
There is some room for improvement with this trade entry. I entered quiet late. I should have also reduced the risk by keeping my stop and target smaller. But once the trade was placed, it was executed to plan. Hence I will rate this 4 star.
EUR/CHF Long - April 06 2008
System:
The trade is based on the Elite setup on 1 hour chart.
Reason:
Perfect setup and entry. With the 7pm candle, the 3 EMA had crossed the 34 SMA. The CCI had also moved above 0. Now I just had to enter this position at the end of this candle or early next candle.
I managed to enter this candle early next candle at 8:05pm at a price of 1.58493. The stop loss was placed 20 pips below at 1.58293. This is slightly below the 34 SMA. I placed the target point just 20 pips away at 1.58693. In retrospect, I made mistake here as this trade was based on the 1 hour chart. I could have placed the profit target 30-50 pips away easily. My profit target was hit at 11pm and the pair has continued moving up.
Lots: 10
Entry (Long): 1.58493
Stop Loss: 1.58293
TP: 1.58693
Total Pips: +200
Total Profit: $197.41
Rating:
I would rate this trade a 5. I wanted for the setup for form. The entry was almost perfect, and I never modified the stop or target point. Only drawback was that I placed the target point too closed as I was trading on a 1 hour chart. But as I get more confidence in this setup, I will widen the profit targets.
GBP/CHF Long - April 06 2008
System:
This trade was entered based on the Elite setup on 30 minute chart.
Reason:
Around 4:30 pm, the 3 EMA crossed the 34 SMA. The 34 CCI also crossed above 0. Towards the end of this candle, around 4:55pm, I entered the trade long close to the top of the candle. Since the spread on this pair is large, my entry point was above the high of the candle at 2.01148. The stop was placed 30 pips away at 2.00848, and the profit target was initially placed 50 pips away. But after a few failed attempts by the pair to move beyond 30 pips, I changed the profit target to be 25 pips away at 2.01398.
Finally after more than 3.5 hours, the profit target was hit at 8:40pm.
Lots: 10
Entry (Long): 2.01148
Stop Loss: 2.00848
TP: 2.01398
Total Pips: +250
Total Profit: $246.99
Rating:
I will rate this trade a 4 star. The entry was as per setup and executed well. The stop was set and never modified. But I modified the target point.
GBP/JPY Long - April 06 2008
System:
The trade was based on the Elite setup on 30 minute chart.
Reason:
By the Elite setup, the 3 EMA had crossed the 34 SMA around 4pm. The 34 CCI had also turned positive. As per the setup, I enter the trade at the end of the candle where the cross over happened, or the beginning of the next candle once the close is confirmed. But I ended up entering the trade at the end of the next candle around 4:50pm at a price of 203.949. Since the entry candle was a long one, stop was placed 30 pips away at 203.65 and the price target was 20 pips away at 204.15.
After a brief rally higher, the pair started moving lower. Within 40 minutes, at 5:40pm it hit my stop.
Lots: 10
Entry (Long): 203.949
Stop Loss: 203.65
TP: 204.15
Total Pips: -300
Total Profit: $292.04
Rating:
I will rate this trade a 3 star. I messed up the entry. I was late in catching the trade and had missed the setup and ended up chasing the price. If I had followed the setup to the book, I should have entered this trade between 203.35 to 203.40.
USD/CHF Long - April 06 2008
System:
The trade is based on the Elite system on 30 minute chart.
Reason:
The 3 EMA crossed the 34 SMA around 3pm. The 34 CCI had also crossed over 0 indicating an uptrend. Waited for the close of the candle. Upon the start of the next candle, entered long at 1.00826 at 3:47pm. The stop was placed 20 pips away at 1.00626, close to the low of the previous candle. The profit target was 20 pips away at 1.01026. The target was hit about an hour later at 4:55pm.
Total Pips: +200
Total Profit: $197.97
Lots: 10
Entry (Long): 1.00826
Stop Loss: 1.00626
TP: 1.01026
Rating:
I will rate this trade a 5 star. I followed the setup and plan to the book. I did not meddle with the stop or profit target.
EUR/JPY Long - April 06 2008
System:
This trade was based on the Elite setup on 30 minute chart.
Reason:
On the 30 minute chart, the 3 EMA crossed over the 34 SMA around 4pm. I entered the trade at 160.351. Stop loss was placed 20 pips away just below the 34 SMA line. And the profit target was 25 pips away at 160.601. At 4:48pm, just 45 minutes later, the target point was hit and I exited the trade.
Lots: 10
Entry (Long): 160.351
Stop Loss: 160.151
TP: 160.601
Total Pips: +250
Total Profit: $244.33
Rating:
I will rate tis trade a 4.5 star for sticking to my execution. The reason its not perfect is because the candle prior to the one I entered was a long candle.