Hello everyone,
I have just closed this morning the short trade I have been carrying on GBPCAD since the 19th of December for a +358 pips profit.
It seems like GBPCAD is pushing up at the moment, breaking above the consolidation range we’ve seen in the last two weeks, and I don’t want to risk giving more pips back to the market. In fact, at one point this trade was sitting at +720 pips so I reckon I have given it enough breathing room.
You see, this is the reason as of why I don’t manage well long term trades - the time scope clouds my thinking and I grow impatient having a trade open for weeks. I sincerely believe that a trader should gravitate towards those time frames he feels more comfortable with, which in my case are the 4H and the 1H charts.
Oh well, +358 pips is not a bad way to kick of the year! Bye bye GBPCAD - so long (actually short) and thanks for all the fish!
If you liked this post, please do me a favor: Digg it and Technorati it!
Also, why not signing up for my RSS feed and Newsletter to stay updated?
7 January, 12:58 pm
Hector,
That’s a waste, I was following your trade and thought you’d had stopped out at 500 pips according to your trade management plan a few posts ago. What made you change your stoploss?
7 January, 9:58 pm
looking at the weekly maybe it has a need to retest the 2.0000 area? This pair seems to like to retest r/s as can be seen in 2005 where 2.2000 was retested from the bottom ?
the 2.0000 level is close to a fib retrace level and bang on in the Dynamic area :) If it did turn there is another 1000pts potential? I’m going to be watching it!
8 January, 11:33 am
Hey Syrix - yeah perhaps I should have closed it out earlier at +500 pips instead of letting another 120 pips slip through my fingers. I don’t know, the whole thing still looks bearish so I held on to it for a little bit longer. However it’s been two weeks this baby has been moving sideways and I didn’t want to risk giving everything back to the market.
Oh well, not my best trade-management to be frank :)
-HECTOR-
8 January, 3:58 pm
NO worries Hectore, this was a beautfull trade anyway. We all can learn from the good and not as good parts of his trade.
Keep the great work up and Happy New Year!
9 January, 2:24 am
The price was inside a bearish formation that looks like it could easily break out thru the bottom once again. Unfortunately, the price broke out thru the top
instead of the bottom…Oh well