The Pitfalls of Trading at Work
Today, I had a little time at work and saw some opportunity and made two trades on the Forex market.
The first was a short of the AUDUSD at 0.8890 early this morning. The reason for the trade, a double top formation in the 15 mins with negative divergence showing in the MACD chart.
Then I shorted the EURUSD chart at 1.4708.. once again, another double top pattern. The entry for this one wasn’t as good as the AUDUSD trade but still, I was happy with it.
I had set up my stops for both and then went about my merry way at work. A chap from another office arrived today to see me and I spent the whole day with him in meetings, taking him to lunch, showing him around etc. I briefly checked my charts just before lunch and seeing that things were going well, I adjust the stoplosses so that they were at entry.. in the worst case scenario, at least I wouldn’t lose any money.
Anyway, a few more hours went by, the colleague was due to fly back tonight so I got him a cab and said my good byes. Then I went back to check my trades to fit that the stops on both had hit!!! Arrrgh!
Frustrating but luckily I had moved the stops to entry so I had lost nothing. However, looking back at the charts, the AUDUSD chart had got to as low as 0.8830 and the EURUSD had go to 1.4650 before reversing. If I had got out at these levels, then I would have made 60 and 58 pips!! Darn, frustrating!! That’s the problem with trading at work, you can’t watch the markets and get out as they turn or look dodgy!
Anyway, the FOMC is upon us… best not to do anything for the time being until after it!
AUDUSD short (click to enlarge)
EURUSD short (click to enlarge)
