Wednesday 21 July 2010

GBPUSD - 5min - 2.6% 40 pip Loss

2.6% Account loss today! -40pips.

All the good work from the last few sessions gone, however its part of trading and something I need to accept and move on.

First mistake today, was a 130pip spike candle on the 5m chart (without any news scheduled).

This should have warned me to stay away for the day.

Anyway price rallied back to the open price, and the 130 pips candle was basically cancelled out, and my initial reading was long anyway so I decided to continue with my strategy for the day and buy a break of the high looking for my usual 20-30pips for 1%.

The dashboard was looking good as well, however as soon as price took me in, I was 10 pips in profit then retraced 35pips and I closed out.

Stupidly I re-entered 10 minutes later thinking I could at least get a rally back to my 1st position, then again news hit without me noticing it (second time now) and started to drop I closed out manually again for -5pips.

Total loss 40 pips 2.6% of my trading account.

****Should have walked today****

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