Today was rather a bad day for me. First I entered Buy for GBP/USD after seeing EMA/SAR all fall into the right places. but alas, the price go down and I lost 55 pips! *sob* *sob*. Then after that i used teabreak strategy on 5 currency pair and 3 of them did breakout and went all the way down. But the heartbreaking news is that I set the wrong expiry time for the pending orders. Instead of putting 11:59, i set it at 10:59. Meaning that it ends on the second candle only. Sigh!
All the 3 currency breakout only during the third candle! Aarrggghhhh! What a stupid mistake that could have win me at least 200 pips. Then when i reach home at nite, I quickly go into GBP/JPY as I see the sign changing to sell position. Manage to make 13.18 before it hit the stop loss at after adjusted Trailing stop.
So here it is:
1st trade:
Position: Buy
Currency pair: GBP/USD
Lot Size: 1.00
Entry time: GMT07:34
Why enter the trade: EMA5 started to cross over indicating a buying trend while EMA12, 15, 60 and P/SAR are all below the EMA5 line.
Entry Price: 1.6395
Profit take:1.6500
Stop loss: 1.6340
Exit Time: GMT07:51
Why Exit the trade: Hit stop loss
Profit/loss: (55pips)
What do you learn from this trade? Do not be controlled by fear and greed, be knowledgable in forex and you will control the situation!
During teabreak startegy, all pending orders did not get executed due to expiration
2nd trade:
Position: Sell
Currency Pair: GBP/JPY
Lot Size:1:00
Entry time: GMT16:13
Why enter trade? EMA 60 has crossed above other lines and SAR is above EMA60. Selling spree!
Entry price:156.20
Profit Take: 155.20
Stop Loss:160.20
Exit Time: GMT 16:18
Why Exit trade? Hit adjusted Stop loss
Profit /Loss: 13.18 pips
What do you learn from this trade? Trade only when you are confidence, always use price pullback strategy.
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