It looks like I underestimated the correction as the pair rose up to our short entry, but kept on going! The pair finally found resistance around the 116.40 area before dropping as the pair sold off after the quarterly GDP report was released at 2.2%. Looks like a “buy the rumor, sell the fact” trade scenario would explain that event and how the pair rose after a weaker New Home Sales number came out weaker than expected at 1.0M new homes.
In any case, it’s another trade lost as we continue to try to adapt to this low volatility trading environment.
Lot 1: -25 pips
Lot 2: -25 pips
Total: -50 pips