Here are my long trades from yesterday. I did not wait for my target to get hit its Friday and that zone marked in light blue can stall the price before it can proceed . If that happens I have time to enter again but for the meantime I'll enjoy my weekend :o)
GBPUSD, Daily @1.5351 The chart was snagged last night after it got filled. Stop loss has been adjusted this morning and placed at 1.5275
Edited, April 12 @ 12:08AM:
I've added units this afternoon @ 1.54049 thinking price will continue to soar. However, price is presently stalling not feeling good about it I sold my first position @ 1.53763 for a gain of +25.
Edited Tuesday, April 16 at 8:03AM: GBPUSD stop loss point was hit yesterday for a loss of -58 :o(
The lite blue shaded resistance or zone has been tested before we will see if price will once again reject and comes back down. We are in a range since October 2012. Looking to short below last Friday's low.
Good luck peeps!!!
Edited, Monday, March 25 at 7:19AM: Ouch!!!
The sell order was filled AUDCHF but price went up last night to once again test the previous resistance marked on the above chart. This action got me for -30
Be very careful with reversal trading its a tough cookie to play been trying for a while with mixed results. I think for me its expecting too much and not getting out as soon as I have profit.
Here's what usually happen to me as I have observed lately when the reversal happen the expectation begun to accelerate so instead of getting out early because its a temporary reversal I will hold thinking I can perhaps milk more. Because it does happen I have experienced that too but deep inside my psyche I also knew it does not happen most of the time the tendency is it will soon resume to its prevailing trend 80% most likely.
But as usual when I'm in the trade, the tendency to ignore the warning and feeling greedy will take over. The end result is me giving back the gains and counting my losses. This event does not happen to me always because I usually chide trading reversals. Its the challenge that attracts me but I'm not experience enough to handle such. Its a learning process that's all but it stinks in a way.