28 April 2008

GBP/USD @ 1.9795 Sell - Failure (Learn)

Hello my friends,

Today wasn't such a great day, because GBP/USD tricked us :D. But I'm sure you will learn something new from this experience.

Here is what happened:

7.30 AM GMT: Price breaks the RegChan and TL and turns the 2 EMAs (please notice that TL made a big angle with the RegChan - that's not quite good)
8.00 GMT: MACD turns down and W%R above -80 level

Entry: SELL @ 1.9795 with 1 lot (because W%R didn't retrace but continued after a small retrace so I better be careful - and more the big angle between TL and RegChan)
SL: 1.9819 + 10 pips = 1.9829 OR max 30 mins (or at the end of next candle after entry)
Target: 1.9785 (never reached)
Time of trade: 30 mins (exit at close of the candle)

Loss: 1.9795 - 1.9799 = - 4 pips x $10 per pip x 1 lot = $40 pips

Well there were only 4 pips loss or $40. I will recover them for sure in the next days.

Happy PIPpin' !

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