Took a buy on Cable today with a target of 24pips. After nearly getting stopped out I eventually closed at BE. Only to watch it continue on to hit my target!
Trade 31 - GBP/USD - Buy @ 1.6394 - Closed @ 1.6394 = 0
Cable 5min
I've made a few observations that i'll talk about below.
Entered on what I thought looked like a nice test of a trigger. Next bar up to confirm, then nearly got shaken out on the down move pre news.
1st Q. was my original stop placement crap? Would it have been better on the low where i have pointed out?
2nd Q. I moved my stop to BE pre news so as not to get caught in that. Was this the correct thing to do or should I have realised people had already been shaken out pre news and it was unlikely to happen again?
Cheers,
Liam
I would have placed my stop lower, and I probably would have gotten out at 15:10 after those two upthrust's.
ReplyDeleteCheers for the comment, another point I didn't add is that it was pretty much at the top of a run with little upside to go. Now that i'm looking at the 5mins i sometimes forget about the 1hr charts. Looking at those, it reached a similar area to where it came from in the past. There wasn't a lot more upside potential. Lesson learned anyway!
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