Well this trade knocked me out at my stop loss.
Reasons for failed trade:
1. Bought on breakout of triangle to the upside and used stochastics on daily chart as my guide for an oversold area. I am chalking this one up to a trade that just didn't pan out for the stoch.
2. Jumped on the breakout and should have waited for a little bit of a retracement back to the upper trend line so that my stop loss would be below the lower trendline.
3. Took trade a few hours after the CPI numbers came out which gave the GBP a boost. Maybe need to wait for proper entry rather than trading right after a major announcement.
Wednesday, December 16, 2009
TRADE #2 OF STAGE 2 = FAILURE NOW SITTING AT 1 WIN; ONE LOSS
Well this trade knocked me out at my stop loss.
Reasons for failed trade:
1. Bought on breakout of triangle to the upside and used stochastics on daily chart as my guide for an oversold area. I am chalking this one up to a trade that just didn't pan out for the stoch.
2. Jumped on the breakout and should have waited for a little bit of a retracement back to the upper trend line so that my stop loss would be below the lower trendline.
3. Took trade a few hours after the CPI numbers came out which gave the GBP a boost. Maybe need to wait for proper entry rather than trading right after a major announcement.
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