Friday, October 23, 2009

Big news move in gbp/usd

I was ready to risk with this trade and wait for more downside from my entry even if it bounce 50, 60 pips against me. I could see it go to 6400 level after this kind of drop in one minute. Trades were half size. In this kind of trading it's not so brilliant to add position after last low is broken. I did it but it's a trade made after 30 pips already in that move since last peak. So it doesn't go much further. It stop or bounce soon. It's much more wiser to short it just when it rolls from last peak. But I didn't want to average down.
My intention was to take second trade and leave first one on. You know how I'm undisciplined when I lose. When I win it's even harder for me to watch open profit oscillations. I just couldn't stay so I closed the second one immediately after first one. It's just one of my emotional limitations that I have to live and trade with.
I didn't want to trade after those two profitable trades because I know that if something goes wrong in next trade I wouldn't be able to control myself. Simply I wasn't ready to risk just made profit and I have to respect that, better safe then sorry.

+27 pips

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