Have you ever put on a trade and realized how retarded that trade was as soon as you pressed the button? This is one of those trades.
3:22 ET – L(5) GBP/USD @ 401, Stop @ 282, Target 4 @ 420, TS 1 @ 20 pips
Fading the opening move. (NOT a trading strategy by itself!) Also looking for a bounce off the figure at 4 double 0.
3:29 ET – Stopped out very abruptly.
15 min
Trade totals: -19 pips x 5 = -95 pips = -$9.50 (-$950 in full sized account)
Follow up: Poor trade, need to look for more convergent signs to line up. In addition, I also missed the short opportunity when price bounced off the 4 double 0 from the bottom.
But that’s OK, because I had another trade tonight that made up for this bad trade and another losing trade.
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