26/04/2011 – Stopped out on Cable +25

Hello readers,

I hope you all had an enjoyable Easter weekend.  I carried this position through the weekend and was stopped out early today.  I had considered closing the position before the holiday but just decided to stick with my plan and follow my trailing stop as per normal.  You may remember from my previous post that after triggering the position hit T1 for +102 points and my stop was trailed as per the rules. You can read about that trade by clicking here.

The trade actually went about +165 in my direction and as I mentioned in the previous section I thought there would be a fall back as traders took profits ahead of the extended holiday period.  So it was no surprise to see price fall back into the market close.

My Stop was moved as per my rules and then early this morning the stop was hit.  My final position was taken out for +25 pips.  Somewhat frustrating after being +165 ahead but hey, them’s the breaks. I followed the rules and that’s the important thing here.  There will be trades in the future that will run for me, you just never know which ones.

So a total of +127 pips milked from the trade.  Still a nice profitable trade.  We can see that it was setting up as a nice Bull Flag on the 4 hour chart. We’ll see how that plays out.

Anyway till next time, trade well.

FXTraderPaul