I’m an FX newb, but I had been shorting GBP on the euro pair for the last couple weeks with a lot of success. But I knew the bottom was coming and I had predicted correctly that it would be yesterday. Unfortunately, I misjudged just how bottom it was after missing my window initially at 0.7530 (i literally looked away for 30 seconds to find a sharp bullish run wen I looked back). And it hasn’t even thought about coming back. Now I’m extremely exposed because I didn’t stop out (there have been some wild swings the last couple weeks, and my stop-out strategy needs a lot of work). All forecasts before yesterday were for an ultimately bearish outlook on the pair, so I felt safe-ish. But now everyone is changing their minds or at least indecisive about the future of GBP in the short term (brexit is the biggest looming concern after seeing more dovish sentiment from the BoE than expected). At the moment, things are volatile and trendless, so nothing to really go on for a change in tack. I’ve been trying to ride it out but now, as EUR slowly and consistently gains on GBP, it’s looking like maybe that’s not the best strategy. I’m hoping that the experts here can shed some light on what to do in this situation (other than not being in it)? And even better, someone who’s following or trading the pair themselves to give their thoughts. Thanks so much.
(btw i tried to post this in analysis but i guess i’m not cool enough yet, as the site wouldn’t let me)