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Yesterday I took a long position in GBP/USD and although we're in an uptrend I've decided to take only an intraday position as during this time of the year the market tends to stay in a tight range, as with the major banks being closed during the holiday season, and we know that banks are the biggest participants in the Forex market, liquidity will dry away.
If you want to know more about my long term view on GBP/USD you can check out my blog post history here.
You can see that before to enter my trade I was waiting for an initial reaction on that support before to go long. You can see that few hours later my TP was reached but it has not triggered due to some system glitch and I was forced to trail my stop and move it as close to the market as possible. Although the market has moved almost 10 pips beyond my TP it has not triggered but I was able to close it at 3 pips difference from were was my initial TP.
Although I was expecting cable to move much more higher there was also the possibility to remain in a tight range until the holiday season ends. But it seems that my assumption was wrong as the market has move quite strong to the upside and instead I should have let this position run.
Best Regards,
Daytrader21.
If you want to know more about my long term view on GBP/USD you can check out my blog post history here.
- Figure 1. GBP/USD 1h chart.
You can see that before to enter my trade I was waiting for an initial reaction on that support before to go long. You can see that few hours later my TP was reached but it has not triggered due to some system glitch and I was forced to trail my stop and move it as close to the market as possible. Although the market has moved almost 10 pips beyond my TP it has not triggered but I was able to close it at 3 pips difference from were was my initial TP.
Although I was expecting cable to move much more higher there was also the possibility to remain in a tight range until the holiday season ends. But it seems that my assumption was wrong as the market has move quite strong to the upside and instead I should have let this position run.
Best Regards,
Daytrader21.
