Short GBP/USD 8.30(ish) GMT

Check the attached image.

The orange triangle is my short, the red blob is my stop-loss.

Let this be a lesson to you all – although you may have very a good idea where a price peak up to, it’s usually a good idea to set your stop-loss 5/10 pips higher your prediction :wink:

A stupid mistake.

Anyone else have any similar (gut wrenching) experiences?

gbpusd.bmp (870 KB)

Great observation. Always be aware that traders usually place their stops near the same area forming a cluster. Market makers love to hit these areas to take these positions out. Also take consideration of the behavior of the currency pair you’re trading. The GBPUSD is one of the most volatile pairs so expect spikes through support/resistance levels and adjust your stops to compensate for this volatility accordingly.

Thank you for your advice PipDiddy, much appreciated.