Sunday, 25 September 2011

EURGBP 0.8875 - Update

Ughh - this trade appears to be working, but I covered my short for a 3 pip loss on Friday.

At one point the trade was 15bps (+50 pips)  in the money, but didn't quite reach my profit objective. When price retraced on a bullish H1 candle and broke the down trend line I decided to cover at the next best opportunity, feeling I had missed my opportunity to take profit, and not wanting to compound that error by holding on in hope.

Also, given the volatility of last week and the looming weekend, I was happy to exit the market.

In hindsight I was jumping at shadows.