Thursday, July 9, 2009

GBP/USD Trade I MISSED BY 4 PIPS :-(

Wicks or candle bodies, bodies or candle wicks? It seems there is no true answer to this question. On strong moves the price will many times come back to the wicks of resistance/support before continuing, especially on smaller time frames, but for me, I guess I would rather get a good fill and wait for it to tag the bodies of the candles. On this particular set up, we had broken the range and I was looking for a retag at 1.6125, which was kind of in between the tops of the wicks and the bodies of the candles as seen on a 15 minute chart I have posted. Steve W. in the no brainers chat was looking at this as well. I had my limit in, but missed by 4 pips. Of course, the aftermath of this trade is beautiful, but it didn't meet my criteria so I moved on. The 1 hour chart shows the range it broke out of and where I was trying to catch the trade. There's always NEXT in this market, and as a matter of fact, took a no brainer trade at 1.6304 that paid and am currently in a short at 1.6361 of which I am in profit, so no harm no foul...still it would have been nice to nail this home run. UPDATE...I closed out 80% of my position and am hoping for this to fall back in the range.