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May 12, 2010 GBPCHF Accelerator Trade

Written by Hugh, on May 12th, 2010

Two positions were entered on this trade and it started to go against me.  I decided to exit early to prevent a big loss.  Here is the 30 minute chart:

GBPCHF Accelerator Trade

Click above to enlarge

As you can see from the chart, as soon as I exited, price proceeded to hit the target.   I exited because price got close to the previous resistance level.

Again, maybe my trade size is too big and that is why I am getting too nervous.  If I had been able to stay in the trade, it would have worked out and I would have made money.

There is a pattern that I have noticed on these trades.  When there is a strong resistance level and price breaks the resistance and goes back below the resistance, there is a good chance that it will head lower, in this case back to the Weekly Pivot.

Here is the 5 minute chart:

GBPCHF Accelerator Trade

Click above to enlarge

I ended up losing -7.3% on this trade.




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Category: My Trading   Tags: ,

This post was written by . His goal is to become a professional trader.
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