Today was one of the most uneventful days trading the GBPUSD market.. the market was completely range bound and although my trade was trigger and was a few pips shy of target, it soon reversed to hit my stop. Not really much to say except that I ended up with a -30 pip loss!
Today I didn't quite follow the trading plan but I don't feel bad. The price range was between 15355 and 15316. The price broke towards the upside, my price entry was 15360 and my 30 pip target would have been 15390. Although the market did top out around that level (if I include the spread then it may not have triggered anyway), I took profit a little earlier since there was no upwards momentum. I close with +16 profits and the market duly fell afterwards.
Today when I had checked the markets, the GBPUSD had already moved up quite significantly.. this made my channel rather wide at 55 pips or so. I'm always conscious when the market has moved away like this as it should pullback before it makes another ascent. However, the market looked like it was heading upwards so when the market started to pullback, I entered long with a 30 pip stop and a 30 pip limit. My entry was at 1.5453, stop at 1.5423 and target 1.5483. The pullback was deeper than
