Then again, losing is part of the business in trading and thus strict risk management will allow us to suffer some draw downs while continuing to trade. This is definitely a very upsetting period for me but then again, I will have to look forward despite a few draw downs and in the case of this trade, it is another loss taken.
As a way of learning and a reference for the future, I have made it an effort to post all my trades be it losing ones or winning ones. It is with this mindset that learning will take place as I get critical with my trading technique and trade management.
In the case of this trade, the short position was triggered when the price stalled and made a reversal before resuming its uptrend.
In the case of this trade and of course on hindsight, the trade would have been a break even at worst when price reversed. In this case, price retraced beyond the 0.382 Fibonacci Retracement Level after the reversal and this would have been a warning that the trade was not going to make it as most reversals will have strong moves and would rarely retrace beyond the 0.382 level. This would have been my warning signal but then again, this new trailing stop was further gained after I read up on some other material and I thought it would have been a nice tool to be added to my trading strategy.
Trade Details
- Date: 10 Feb 11
- Time: GMT 13:00
- Entry Price: 1.27800
- S/L: 1.28150 ( 35 pips)
- T/P: 1.27250 (55 pips)
Trade Update
The trade was closed when the S/L was triggered on 11 Feb 11, GMT 01:40 at 1.28150, resulting in a loss of 35 pips for both batches.
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