Trading is like playing football or racing cars or telling jokes. It's a performance. You have good days and bad days and what happens in your life will, unfortunately, affect your decisions. Let's just say that i didn't get much rest on the weekend.
Before getting it wrong earlier on with Euro, i placed an order on cable to go short, as i thought it needed a correction before moving higher again. My theory was based on Fibonacci, so i knew exactly where i wanted the price to go before i could go long again. I usually look at the 50% and 61.8% levels as possible reversals , so when placing my order at 1.6247 i was expecting a TP around the 50% level.
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| Fibonacci on the 1h chart |
I must confess that my heart sank when i saw cable shoot up through DP almost 60 pips without taking me with him...
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| Entry, SL and TP on 15min |
I also feel obliged to admit that i had forgotten my order on cable placed at 7:40am (GMT) when it was triggered in the afternoon.
The good thing is that my TP was eventually reached.
When price reached D-S1 i bought back half-stake, set SL to BE and let the rest run.
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