By Rob Colville on
March 26, 2013 in
We had several reasons in support of our trading decision to trade the Scandinavian cross-pair, USDSEK short on the 24h March 2013. Despite looking like a trade which had a high probability outcome, the market went the other way, losing us 2% of our trading account (the maximum we risk in any trade).
We placed a order for a ‘sell’ with an entry at 6.4640 with a mandatory stoploss at 6.5335, enabling giving our trade enough room to ‘breathe’.
Despite ultimately losing us money, we had a number of reasons which validated out trading decision and the rules for entry were fulfilled and we and our clients accept that losing trades is part and parcel of getting closer to a string of wins in the flow of opportunity the market gives us.
We had a bearish pin bar reversal (high-test bar) rejecting a level of resistance (previously tested as support) in a downward trend at: 6.5324. This, in addition to a number of other factors gave us sufficient evidence that this pin bar would have been the acceleration point for the continuation of this downward trend.
Risking 2% of our trading account, our sell order for the USDSEK trade was triggered on the 25th (after the weekend) and, because of a conflicting news reports concerning the situation in Cyprus and the Eurozone, we got stopped out on the same day! This seldomly happens with end-of-day trading however, it happens…and you do not know unless you trade your set-up.
If you would like to follow our forex signals, then why not take the flagship Lazy Trader Ultimate programme for a 7-day test-drive safe in the knowledge that comes with our cast-iron guarantee: If you are not 100% satisfied then you will get a full refund…no questions asked!
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