EURGBP - Historical level. Looking bearish

FX:EURGBP   Euro / British Pound
194 1 5
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
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.
gut !
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out