Wednesday, March 11, 2009

GBP/USD- lesson not learned...yet ;)

Very similar scenario to the First Trade Of The Month....good entry, good trailing stop...but there's always, what I call, an intermediate first support/resistance where stops should be tightened/an exit should be made.

There was such an area into 1.37200. I noticed it but insisted of trailing the stop in the same manner.

Burns to give back 62% (Incidentally, I've noticed that I've given back that amount at least once before. There's something to be said about giving back a fibonnaci percentage...will look into that)

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