I did not enter any trade on Monday as I could not find any good entry signal. All indicators were mixed and the trend is not clear. It is better to stay out rather than get caught in the choppy market.
Shorted GBP/JPY the next day at GMT6:45. The indicators were all signaling downtrend except for D1 which is rather mixed but I shorted it anyway on the sentiment of general weakness of British Pound. However I closed it within 30 minutes as it was moving rather slow. Managed to grab 12 pips from the trade. And I experimented with another pair, this time GBP/NZD. Those experienced trader always said trend is your friend, never catch a falling dagger, etc. and I foolishly ignored the advise. After seeing the pair at 18 months low, I was hoping that the pair is ripe for a rebound. How foolish the thought is...lost 279 pips on the trade, which cost me 4.6% of my portfolio.
Shorted GBP/JPY the next day at GMT6:45. The indicators were all signaling downtrend except for D1 which is rather mixed but I shorted it anyway on the sentiment of general weakness of British Pound. However I closed it within 30 minutes as it was moving rather slow. Managed to grab 12 pips from the trade. And I experimented with another pair, this time GBP/NZD. Those experienced trader always said trend is your friend, never catch a falling dagger, etc. and I foolishly ignored the advise. After seeing the pair at 18 months low, I was hoping that the pair is ripe for a rebound. How foolish the thought is...lost 279 pips on the trade, which cost me 4.6% of my portfolio.
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