Last night saw the EUR trade get taken out at my stop to the exact point - i had a buy stop on the Bid at 1.3855. My broker printed 1.38551 - isn't that frustrating. Now that may be understating my actual feelings slightly. This is a Scotsman who believes that conversation would be rather dull without some colourful adjectives. The picture was rather more like this - walk calmly into the back room and scream f#$^ at the top of my lungs.
All that said the fact is that I was almost 100 points up (= $1500) in the morning only to watch the price rise steadily over the course of the day to my stop just after the USD news.
Given that I could argue that I should have got out around 1.3720 in the morning when the price faltered (didn't break previous low at 37) and showed signs of a trend continuation. Hidden divergence with price and the stochastic.
It is easy to talk yourself out of a losing trade in hindsight - the fact is that the game plan was to stick with it to the 1.3760 level (62% Fibonacci). The market still looks very long and if it rolls over there is a lot of money to make - there will be a heap of stops to take out on the way down.
So what to do? I am short the AUD/USD at present which is looking very bullish at present - once again if this rolls over it could make the week. And if it fails? Next!
I still like the EUR short at the 62% retracement at 1.3825-30 .
A heap of big news on the AUD today - I don't think I will be left wondering on my short position!
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