Friday 14 May 2010

GBPUSD - Wave 4 > 5 - Conclusion

It seems this trade pretty much turned out as planned within 10 pips or so of my projected target.

You can see from the earlier screenshots this week, compared to this final screen shot that price did indeed move lower almost completing that wave 4 to 5.

Final thoughts, I had 60 pips in the bank on this trade and let them go back to zero looking for the full amount.

Also in placing a sell stop after missing out earlier in the week, I didn't plan my second entry and you can see from the above chart price moved 60 pips against me before moving in my favour, which would have probably stopped me out anyway on the second attempt.

So yes my projections were correct, however I need better entries in order to hold trades longer.
Also don't trade during Government elections + on NFP Friday! Doh

Onto looking for the next Trade!

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