I knew I should’ve just closed at market ahead of the BOE decision! Then again, I’m still pretty happy with the profits I caught.
Long GBP/JPY Idea
In my trade update yesterday, I rolled my stop a bit higher above my entry in order to lock in some gains on my long position before a major event risk. I was anticipating a dovish hike from the BOE after all, so I didn’t want to leave all my potential gains on the line in case the pair has a bearish reaction to the event.
The pair was actually edging slightly higher before the announcement, so I figured that I’d give my trade some leeway to move around before possibly rallying to my target at the swing high.
Unfortunately this wasn’t the case as GBP/JPY tumbled when the BOE confirmed that they’d take it slow from here. Price dropped straight down to hit my adjusted stop loss before I could even try to exit quickly and hopefully lock in a bit more gains.
Looking back, I really wish I had followed my gut and simply pocketed my gains when I had the chance. You see, I was so worried about missing a potential move past the swing high that I ended up not being able to cash in as much profits as I could have.
Anyway, here’s what I ended up with:
P/L: +40 pips / +0.07%
Guppy was trading around 151.50 when I considered closing at market, so I would’ve made at least 200 pips or 0.38% right there. Bahh, no use crying over spilled pips, I guess!
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