Monday, March 15, 2010

Fall for false signal

Longed GBP/USD at GMT7:23 today after seeing it break out to the upside, however it proved to be a false signal. Lost 56 pips from this trade or approximately 4.8% of my portfolio.
D1: Downtrend (MACD crossed up)
H4: Uptrend
H1: Sideway (MACD crossed down)
This is clearly a mixed signal, however I still entered the trade. Had only myself to blame. I was too hurried to get a position.

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