Wednesday, May 6, 2009

GBP AUD- loss of control.

Not a bad trade. Like yesterday, a move pushed higher than my entry and then made the move I was looking for. I allowed yesterday's result (ie the trade following through) to stoke the emotions of greed and try to hold on for larger targets. As mentioned several times before, need to be exiting based on the pattern not on my entry.

I did take back control of the trade and exited at 1.77948 (entry 1.7786) for a loss of 44% of my full risk. This is after entry resistance became support along with the upward-sloping trend line.

Feel an element of self-discipline coming back into my trading.

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