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Remember that long GBP/USD setup that I was so excited about last week? Well, it didn’t end up in my favor after all.

GBPUSD

I hope your stop losses were a bit wider than mine! Last Monday GBP/USD got burned during the London session as it fell sharply despite the lack of tier 1 catalysts from the UK and the US. In fact, price had only dipped about 3 pips below my stop loss level before it went back above 1.6400. I guess a lot of traders (and brokers) were simply looking at the same levels, huh?

I personally think that the trend is still intact although I’ll have to get more creative in placing my entry and stop losses if I re-enter this trend again. For now I’m looking at a 0.50% and 100-pip setback from my account. Nothing big, but I really have to place wider stop losses next time.

How about you? Any luck trading Cable this week?

XOXO,

Huck

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This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.