Tuesday, May 4, 2010

A small loss and a big lesson

Started the week with 2 losses and a win. Shorted GBP/USD at 1.5219 (GMT7:35) but closed it manually with 40 pips loss after the trend showing signs of reversal. Although it was more of a pullback, but I am not comfortable holding the trade overnight so closed it manually. The second trade is long EUR/USD at 1.3244 (GMT8:35) although there were hardly any signs of reversal for the pair yet. I was expecting a reversal whereas I should enter after the reversal signs were confirmed. My bad, lost 25 pips on this trade.
The final trade of the day was long USD/JPY at 94.15 (GMT11:15) and I closed it manually for 59 pips gain, almost even out the two losses earlier. A small loss and a big lesson.

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