No luck on the last my last forex trade of 2015 as Cable could bounce high enough to trigger my short orders before dropping!
Original Trade Idea: Forex Trade Updates: NZD/CAD Long & GBP/USD Short
I thought I’d be able to squeeze in one last opportunity to grab some pips, but the bounce just wasn’t high enough in Cable before the broad Sterling weakness took over once again this week; the pair was only able to get up to 1.4912 before the drop.
There doesn’t seem to be a direct catalyst for Sterling weakness, so I think the shift in dovish sentiment on the Bank of England’s monetary policy outlook continues to play out in this thinly traded holiday week. Whatever the case may be, with 2015 about to wrap up I decided to close up shop as well by closing my open short orders on GBP/USD at 1.5000. No trade.
Overall, it was another great currency trade setup, but also a case of missing the trade because my overly conservative entry technique. I’m always waiting for pullbacks before jumping in and missing great trades because of it. That’s something I’ll reflect on in my upcoming end-of-year blog review post, and hopefully something I’ll improve on for 2016. Stay tuned for my 2015 forex blog review by following me on Twitter and Facebook!