Trade Review: GBP/USD

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Okay, for those who have been following my trades for a while, you know that November has been a frustrating month for my “Picks” and last night was no different. As expected, the market drifted lower during the morning Euro trading session and our short entry at 1.8875 was triggered. Things were looking good for our trade as it approached pt1 at 1.8850. The frustrating part came as the pair hovered around that price level without triggering pt1, but I hesistated to close the trade as I was expecting a weaker UK Retail Sales number. Of course, the number was released at 0.9%, way higher that forecast, and Cable shot up! So, we went from +20 pips per lot to -25 pips per lot in the matter of minutes…..GRRRRRRR!!!! Well, since we’re all using different brokers, I hope someone out there took profit on lot 1 before stopping out on lot 2. So, it was another disappointing day for my “Pick of the Day,” but don’t be too discouraged…we have the rest of the month to get back in the black. On to the next opportunity!

Lot 1: -25 pips
Lot 2: -25 pips

Total: -50 pips