21/02/2014: SOLD GBP/USD @ 1.66713

The rise in Cable following the UK retail sales data has given me a chance to sell.

I still think the drift lower towards $1.603 will be seen. A series of intraday lower highs is in place. Today’s high at $1.6687 comes below yesterday’s high at $1.6697. Again the falling 89 hour moving average is the basis of resistance.

Intraday technical signals suggest this is a good time to sell.

My entry was at $1.66713

I have placed my stop at $1.6705 (34 pips) giving room above the $1.6697 high.

hide comments
  1. a bit confused, normal for a noob. sold? does that mean a sell order? at 1.66713, if so then why stop is at 1.6705? looks to me that its a buy? please advise. thanks

  2. Hello. I notice you were stopped out of GBP/USD. And now its falling like a stone…..
    Its not the first time this happens , your analyse is right but you are sort of out of phase. Whats your comment to this phenomen?

  3. Sorry, perhaps I should be a bit clearer.
    I sold GBP/USD and the price I executed at exactly on MT4 was $1.66713.
    I should have said that my stop was at $1.67050, to be concise.

  4. Thanks for pointing that one out, I was not overly happy to see this happen, yet again…
    It is difficult to say exactly why.
    As you say, the analysis is correct, however it does seem to be that the blips I am getting following the announcement of key data is not helping my cause, the latest being the US existing home sales.
    I have been spiked out of several trades for this only to see the rate ultimately go the way I originally predicted.
    Hopefully, for my sake, my luck with this will change.
    However it does highlight the risks of trading through data releases.

  5. I ment,its not the first time you were stopped out and then after a short while it happens what you have predicted.

Leave a Reply

Your email address will not be published. Required fields are marked *