The 1.1380 break failed but there's always a lesson to be learned
Losing money can be ok as long as you learn something in the process
I was stopped out of my 1.1380 break trade at 1.1375, a 15 pip loss on a long with an average of 1.1390
There were chances to take 25 to 30 pips as we tested 1.1420 but I decided to let it run. It was a great market for scalpers playing 1.1380 - 1.1420 In the end the Greek news put my trade to the sword
As I noted yesterday, I was cautious about the lack of follow through which is why I kept my stop very tight, and the trade wasn't to be
So what did we learn?
You've always got to listen to the price action. In this case it gave me a choice. Take profit while 1.1420 didn't break or holdout. I chose to hold out and was blown up by the Greek headlines while tucking into my dinner. Not much I can do about that.
So what of the level now?
EURUSD 15m chart
The level is still very much in play at 1.1380/85 and is now resistance again. The 1.1420 level has shown its hand above there so we know what needs to be done if we go up once again.
I'll keep watching the level again with a view to trading it but I'm fully aware of the risks, which are going to mainly come from Greek headlines. I won't be touching it closer to the close today and will likely square up anything I've got on into the weekend
A loss is a loss and I don't like them any way they come but following the rules and keeping your discipline means that you keep your risk low and manageable. There's no guess work and no staring at a bigger loss hoping it will come back. Hope isn't a strategy
