Wednesday 19 May 2010

GBPUSD - Wave 4 to Wave 5

Noticed a wave 4 to 5 forming on the GBPUSD15 minute chart today. My First attempt seen a double bottom off the original wave 4 high.

Was +30 pips before I noticed price stalling, and again I let it reverse and only made +7pips profit.

Then I seen price retrace to around 61.8/76.8 fib levels and shorted again with a 60 pip stop loss.

I should have learned my lesson from earlier today, and not re-entered after the double bottom, or at least verified against the higher time frames.

However I was wrong and stopped out at -1% loss and -60 pips. Poor trade management again, looking for a runner or my target getting hit. Last few trades I've had, i seem to have let my profits come back to zero, even a small loss.

Must get better at verifying the intra-day direction with higher timeframes, there's lots of money to be made everyday. Just need to be a better more disciplined trader.

Onto tracking the next trade.

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