No luck on either my EUR/GBP or GBP/JPY short as both short forex entries missed being triggered by a hair before leaving me behind to miss big moves. Here’s a quick review.
Original Trade Idea: Forex Trade Idea: EUR/GBP Break Lower?
Not too long after posting up my original trade idea, EUR/GBP did manage to make its way higher to my first short entry order, but apparently didn’t spend enough time there to trigger my first quarter position at .7250. It’s a bummer because the market quickly turned at that point to push the pair lower, mainly on the weak euro sentiment at the time.
Now with the market focused on the bearish comments from the Bank of England, the pound it taking a beating and EUR/GBP has been rallying higher since yesterday’s Bank of England meeting and inflation report. With weak Sterling now the driver, I’ve decided to closed my open short orders at .7250 and .7300. No trade and a big 200 pips missed! Grrrrrrr!
Original Trade Idea: Forex Trade Idea: GBP/JPY Resistance to Hold?
No luck on my latest forex trade idea in GBP/JPY either. I had short orders at 188.00 to play the strong resistance area last seen back in September, but unfortunately for me, the market topped out around 187.70 before dropping on this week’s pound bearish Bank of England event. The market is still dropping as I write, now down below the major psychological handle of 185.00 for around a 300 pip drop. With weekend coming up and this trade having zero chance of working out this week, I’ve closed my short order at 188.00. No trade.
Overall, my decisions to go with conservative entries cost me two winning trades that would have netted me somewhere in the range of around a +1.25% gain at the moment. While missing winning currency trades are always a bummer, there is a silver lining in that I’m now seeing a new potential setup in GBP/JPY with the pair breaking the rising lows. Of course, with the weekend approaching, I’ll have to save that for next week…until then, time to do some reflection and recharging. Thanks for checking out my f0rex blog and have a great weekend!