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May 18, 2010 GBPUSD Counter Trend Trade

Written by Hugh, on May 18th, 2010

This was another typical Counter Trend Trade.  Price hit S3, so I targeted 20 pips away from the Daily Pivot.  Here is the chart:

GBPUSD Counter Trend Trade

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.




If you enjoyed this article, you might also like:

  1. April 27, 2010 GBPJPY Counter Trend Trade
  2. May 6, 2010 – GBPCHF Counter Trend Trade
  3. April 19, 2010 USDCAD Counter Trend Trade
  4. April 28, 2010 USDCAD Counter Trend Trade
  5. May 17, 2010 USDCAD Counter Trend Trade



Category: My Trading   Tags: ,

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