Wednesday 3rd September.
Irritating trade on the GBP/USD this morning. It went to 50 pips profit and then retraced to stop me out at a draw even. Ok I didn’t lose but it’s annoying seeing all the profit disappear. Clearly the news release at 9.30 turned the market and in retrospect it would have been a sensible option to close the trade at 9.30 and take the 50 pips which is a great trade anyway. Of course, it could have gone the other way I suppose for a lot more profit but I would have been happy with 50 pips anyway. Or better still it might have been a better idea to move my stop up to lock in 40 pips or so and left it to go.
Later on just after 11 I got another qualifying trade that made 16 pips profit. I actually missed the start by being distracted but I got in after it had retraced slightly giving me an extra two or three pips. Again, this trade got to 50 pips profit at one point which I’m irritated that I didn’t just take. I need to look back though all my trades and see how many went over 50 to judge whether it’s worth holding out for more or not because although I’m doing well, I do seem to be giving a lot of the profit back to the market.
There was another trade around 2.35 but with a news announcement at 3.00 this was best avoided.