EURGBP - Historical level. Looking bearish
I'm starting to see rejection of the upper channel. The 4hr candle looks like it will probably close above the historical high of 0.88, which will mean we need to watch to see if the level holds now as new support.
I will be looking for signs of correction soon.
Target 0.8700
I will be looking for signs of correction soon.
Target 0.8700
Trade closed manually:
Wow! What a roller coaster this trade has been!
Believed to have been possibly caused by an automated trading algorithm and comments made by the French President about making it difficult for the UK to leave the EU. I bet he's very pleased with the outcome of his comments!
Anyway, back to the trade. What a bummer! Of course there is always a risk when trading counter-trend as we were here, but this was extraordinary and no-one could have really foreseen this.
Unusually for me, I had placed not one, but TWO positions for this pair. How unfortunate! Also unfortunate for me was my broker didn't fill my stop loss - neither of them. I'm actually very lucky that I didn't get a margin call. Also lucky I didn't panic when I had seen what had happened. Instead I held on to my position, adjusted my SL to a new level (in case price went higher again) and then waited patiently for price to come back down before closing the position. I still made a -10R loss, but I've heard of some people whose accounts got totally blown away by this even. So from that standpoint, I consider myself very lucky indeed. It could have ended so much worse.
A valuable lesson learnt and a timely reminder that FOREX is a risky game. I hope others fared better. I wish you all better trades in future.
Believed to have been possibly caused by an automated trading algorithm and comments made by the French President about making it difficult for the UK to leave the EU. I bet he's very pleased with the outcome of his comments!
Anyway, back to the trade. What a bummer! Of course there is always a risk when trading counter-trend as we were here, but this was extraordinary and no-one could have really foreseen this.
Unusually for me, I had placed not one, but TWO positions for this pair. How unfortunate! Also unfortunate for me was my broker didn't fill my stop loss - neither of them. I'm actually very lucky that I didn't get a margin call. Also lucky I didn't panic when I had seen what had happened. Instead I held on to my position, adjusted my SL to a new level (in case price went higher again) and then waited patiently for price to come back down before closing the position. I still made a -10R loss, but I've heard of some people whose accounts got totally blown away by this even. So from that standpoint, I consider myself very lucky indeed. It could have ended so much worse.
A valuable lesson learnt and a timely reminder that FOREX is a risky game. I hope others fared better. I wish you all better trades in future.