The Money Blog Post

It’s been a while since I’ve actively demo traded. 

GBPCAD. 'Continue reading' to see the result.

This post is all about two failures I’ve been pretending to ignore since the end of September. 

The first I would put down as a c’est la vie philosophical moment, the other a bloody fool infraction.

First the unlucky one: On September 29 I saw a nice looking pin bar on the GBPCAD (see thumbnail at right).

Simple set up: Bearish pin bar, in line with the bearish longer term weekly and monthly trends, with a tail dangling up into plenty of space. The pin had rejected a 61.8 Fibonacci retracement level and the 1.63 round number.

Pretty good I thought. Placed a sell order about 10 pips below the low of the pin bar and a stop about 10 pip above the tail.

Targeted the recent (bullish) daily trend line, which roughly coincided with the  Fib 50. Might have pulled stop to breakeven at 1.62 and perhaps taken profit on half my position at 1.61.

Continue reading “One Stupid + One Unfortunate = Two Sad Forex Trades”