Good and Bad...


This was an excellent entry for a short on GBP/USD. Nice bear flag. Two gravestone dojis in a row. Top it off with a bit of the UK's Mervyn King spouting off about how the UK growth will not be all that great and you have the recipe for a highly profitable trade. If you go take a peek at the daily chart you'll see yesterday's daily candle is a bearish shooting star just looking for a reason to be pushed off the cliff. To be honest this trade did give a little bit of a scare as it charged up past the entry. Stop loss was placed above the recent high.

The bad of this was leaving 80+ pips on the table. Price ran down, took my limit at 1.6300 and kept right on chugging.

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