CAN SOMEONE PLEASE HELP ME! I'm new to ForEx and may have made a bad trade

I bought in for GBP/USD expecting the GBP to go up. I am really new at this and thought I was making the right move but it clearly was not. Could someone look over this chart and tell me if I should close the trade now and take the loss or should I hang on to this over the weekend? I feel like it might go up over the weekend because of my 3 indicator even on the 1D but I am just not sure. I attached a photo so you guys can see what is going on


If you can’t read the image, I bought in at 1.52329 and my take profit is at 1.53090.

Hi,

Do you have any stop loss for your trade.

That how much loss you can take for this trade if the price don’t go up and keep going down.

Your Take profit is 75 pips but price moved more than195 pips against you. Best advice is exit the trade.

Exit now…

I will explain in a Video for this pair in a few minutes…

[B]Duane

DRFXTRADING[/B]

Probably best to just close it and take this one on the chin. Price might come back next week but there’s no guarantee and the fundamental shift in GBP over the past few days will have any rallies being sold into.

If that’s real money sounds like you should stop and fire up a demo account for a while for some additional practice and build some more experience. Knowing what was going on in the marketplace relating to GBP and with USD today would likely have given you pause to enter a GBP/USD long today.

A Pennant Setup has been formed on the Daily Chart and it recently provided a Bearish Candlestick Signal to indicate the movement back to Support. This means that it was always expected to head to Support and trading Bullish would have been too risky.

It has now broken Support of that Pennant which now indicates that a Breakout is likely to start instead of a reversal Bullish. It may reverse and head back inside, but the distance by which has already broken Support makes this unlikely.

This is one of the disadvantages of using Statistical Indicators…they may tell to trade in a particular direction but they cant point out these important Candlestick Patterns that may indicate otherwise.

Take the weekend to familiarize yourself with Candlestick Patterns and Signals and use them to complement or replace Indicators.

Losses arise from time to time and are part of the game of trading but Candlestick Patterns and Signals will help minimize them tremendously.

Check out my thread in which I analyze the market using these Signals to help understand the movements in the market and take advantage of them.

http://forums.babypips.com/candlesticks-chart-patterns-and-price-action/73933-video-analysis-daily-4-hour-charts.html

[B]Duane

DRFXTRADING[/B]