Summertime and the livin’s easy
I got up late today, 6:45am, after a nice relaxing and fun-filled weekend in New York. I partly decided before even turning on my computer that it is the end of the month and the quarter, and it is a Monday, so it is perfectly ok to NOT trade today. Of course, after about an hour of sitting here, I saw an interesting trade set up on GBPUSD so I took a sell trade. I noticed that Canadian GBP news was coming out soon, but I figured that this news would not affect my trade too much, so I kept the sell trade through the news. In just a few minutes my trade went very much against me, up to about 50 pips in negative territory. When I put the trade on, I noted that my stop and point of reversal would be 1.9965, since this was the last resistance area. Price got to within 15 pips of this level, and started back down. I began to feel a bit better. Then price started falling nicely and was again flirting with the same level at which I sold at. My trade got up to +21 pips, but I kept thinking that my previous analysis was correct and that GBPUSD would go down further. My target was 1.9850. But again, price stalled and started heading back up. I ended up closing the trade at break even, after 3 hours in the trade, no pips in my pocket.  Truly, I was a bit mad that I did not just take the +20 or so pips, but in the end, break even is still following my rules: Protect my trading account principle at all costs. So, boring day, no pips, but tomorrow is another day, another month, another quarter. By the way, I reached my goal of 200 pips per week this month, especially with the nice AUDJPY trades. Starting July I will increase lot size on the AJ trades by 1 minilot.Â