If you remember in the last trade, I set a limit sell to take off 500 units of the 600 unit trade. Well I forgot to cancel the trade!!
So the sell limit kicked in with no stop loss. This could have been a disaster.
Short 1 (500 units) @ 5875
No Stop
No Target
As soon as I saw what happened, I closed the trade. I had no business being in that trade and even though I could have possibly milked a couple more pips out of the trade, it goes against my rules to stay in a trade where I do not know what is going on.
Click above for larger image
As it turns out, this was my best trade of the week, closing out at 5835 for a +140 pip winner, which was a 1.5% gain on the account. I will never let this happen again, it is sloppy trading. In the future when I set an exit limit stop like that, I will put in a very tight stop loss just in case I forget to cancel it. But I should be canceling the open orders anyway.
The one positive thing that I can take away from this is that I am getting better at reading levels and 5975 was a key area where the market decided to turn.
