Posts Tagged gbpusd
I had a really nice short in the GBPUSD market today with a trailing stop. I closed out early for 56 pips however when the market was retracing.. it retraced 25 points before it fell heavily (another 50 points) to 16500.
My actual exit is a trailing stop loss and it would have not hit it before it fell. The old trading adage 'cut your profits short and let your profits run' is a key principle to be successful in trading and I'm annoyed by myself that I broke the rule.
The chart is shown be
May 3, 2011
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Something that I have learnt is to never trade Forex during the holidays.... I've watched the markets for many years and when you're off from work, it's tempting to see if you can make a few pips or points from home. If you do make any money, I assure you, you're lucky this time but perhaps not so lucky next time.
The main stock markets were closed due to Easter but as you know, the Forex markets are not country specific so they are still open during the normal hours - Monday to Friday. Marke
April 23, 2011
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So for those reading, I've marked my trades 1 to 4 showing the order of my trades. Trade 1 of today was a long of the EURUSD as shown below:
I had a 20 point stop on this and it went nowhere... just dragged and then plummetted knocking me out for -20
Then onto the GBPUSD trades where I made 3 trades today:
Trade 2 was long GBPUSD (by the way green arrows are long entries and red arrows are short entries) mirrored the EURUSD in trade 1.. once again, nothing and it just tanked t
April 1, 2011
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