Dont go chasing the market – GBPUSD got burnt
The chart is a 5 minute chart of the GBPUSD. I had woken up later today than usual to see that the market had moved. The two horizontal lines show where the long and short entry should have been but as I was late and saw that the market had already moved 25 points away and that I was feeling that I missed out on the short.. I entered a short manually… whilst it did move 30 pips in my direction which would have usually been bagged.. for some reason, my brain wanted more (I had a target of 100 pips – what was I thinking!?)
Well, the extra 30 pip move was the low of the day and the markets soon shot up and hit my stop for a 50 pip loss.
Lesson of the day.. don’t chase a market! If you have missed it, leave it.. there is another trading opportunity the next day.. well, not tomorrow as it’s the weekend.. on Monday!
