Quote:
Originally Posted by mike6nov
David - one more question. When the buying started after the BOE announcement, where did you have your stop at that point and why did you not exit the position (given that there was quite a rally)?
Thanks
Michael
|
Look at the attached 1hr chart, then look back at the daily since May 1.
A good solid sell signal came yesterday morning when the pair failed to get above 2.0000. Followed by a short entry signal at the bottom of the IB 1.9964. I did not take the entry then because of all of the central bank announcements to come.
Today we knew that the pair had already broken yesterday's low in advance of the BOE announcement, not a strong bullish signal when the market was already expecting a 25bp increase.
So I never changed my stop from breakeven on the initial move down through yesterday's low.
David