Wednesday, February 18, 2009

Good "Trade".

Nice little momo into 09:00ET in GBP/USD. Great higher timeframe resistance (30min). Played out perfectly...currently 70 pips in favour of the trade- but I didn't take it. The last hour of trade before the trigger reduced the odds of the trade working out and the trigger, slightly after 09:00ET, meant holding through two announcements (which I won't do if it's near my entry...not so bad later on in the trade)

So although I "missed" some decent gains and I had been tracking the trade for awhile, I've made the best trade and have no regrets whatsoever. Anyone who's read "Way Of The Turtle" will be aware of the "The Sunk Cost Affect" and "Recency Bias"...very much kept at bay in today's trade...

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