Another strange week as the GBP pairs remained in a consolidation.
We only took one trade, which was a failed breakout on GBPAUD on Monday for a loss of -27.6 pips.
Recognizing and adapting to the current market conditions we became more selective with our trades. By doing so we avoided taking three more losses this week and you can never discount the benefit of not putting a hole in your account.
Moreover, we did have 2 trades that came close but did not reach our entry and therefore were invalidated. A huge benefit of using specific entries is that it allows us to have a small stop loss and hence a larger position based (based on risk%). The downside is sometimes, like this week, we will miss trades.
So there it is, the first losing week for the Gold Method since we started.
Consolidation is followed by expansion, market fact!!
Stay Green my friends,
Have a Great weekend.
Happy thoughts, thanks Allen