Another loss on this trade recommendation. Luckily it’s only 14 pips. After looking back on the trade, I over look a very important thing and realized why it didn’t work. The Fed rate decision didn’t come out until 2:15 pm EST, which is after the European trading session is closed. So, European traders didn’t get a chance to trade the news release until the next day of trading.
So, when the trading opened in the European session the dollar was bought up pushing the pair through my entry and stop. As soon as it hit my stop though, it dropped back down in my direction. Wonderful! Hehe oh well…it’s another lesson learned.