GBPUSD 01/09/10

Entry Sell: 1.54874

Target Profit: 1.53277

Stop Loss: 1.5601

Trailing Stop: 50Pips 

Potential Loss: 114Pips

Potential Profit: 160 Pips

Reason for Entry: Technical  - 3rd Top( Since 12 April 2010). 

Reason for Stop Loss - risking 0.53% of the account (160pips estimated to be $16>> $16/3000*100)

Reason for Target Profit - Next Resistance line 1.5327

Reason for Trailing Stop: To be honest, I still don't get how to set up this one. The most logical way is that the trailing stop has to be less than the Potential profit. Maybe  1/2??

Result:
Stopped at: 1.54158

Profit realised: 72 Pips

Thoughts: 

I think I have made a good decision to make this trade. (1) the overall trend is downward if I looked at the weekly chart. And I did not enter the trade straight away. I calmly put my set up until the price hit that set up. (2) I didn't close immediately once the profit was decreasing from 80 pips to 70 pips. Why? My reasoning was that (1) I would like to develop a habit where I have a strong confidence in my setup (2) try to strengthen mental state (3) I would not like to spend in front of the computer every minute - it will be affecting your lifestyle. Plus, you never know whether the price keeps going down or up. I am happy to what I had done.

Lesson Learned:

Try to remember the feeling and how I setup for this particular trade.