This was another typical Counter Trend Trade. Price hit S3, so I targeted 20 pips away from the Daily Pivot. Here is the chart:
Click above to enlarge
There was a piece of British news that came out that the market went nuts. There was an initial spike up, but it didn’t hit the target. Since all 10 of the positions were entered, I decided to take the opportunity to take a small loss.
I didn’t know what the market was doing and whenever that is the case, I have found that it is best to just get out. This trade resulted in a -0.06% loss on the account.
I am fine with this and as you can see, price then proceeded to drop and never come back to hit the target, so it was a good trade.
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