Sunday, June 13, 2010
GBPUSD#3 - Winning but Not Satisfying Trade
As planned in the very beginning of last week, was expecting GBPUSD to form a Big White R, S waves before T extension. Also, forecast GBPUSD to go up slightly before continuing it's rally down.
However, it happened quite the opposite - dropped a bit at the beginning of the week before a bullish run up.
As labeled in the 1H chart above, I entered the trade after the Dark Cloud Cover reversal pattern, predicting it might be the end of S wave and start of T.
It went down as predicted, and of course I was glad.
I woke up the next morning with rather satisfying (for me level) 60-odd pips. But as now shown on the chart, it was a strong bull run for 2 days. Though I didn't get my SL triggered, but I exited the trade with less than 20 pips of profit. Of course any profit can't be bad, but as a review, I think I should have exited from the trade when 4H chart showed the downward action was disrupted when the candle break the bottom of the cloud but closed as a white candle way inside the cloud. It was a sign of weak bear.
Lesson learnt.
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