I took a long trade on GBPUSD, trying to catch a reversal point as the pair had moved it's full ATR for the day. I also saw that the bottom DATR and pps2 lined up closely, and with the pair moving so much already, I thought we would see a small retracement. With no data coming out, I just didn't think the pair could continue falling so much. I went long at market at 1.5373, and placed my stop at 1.5345, giving me a stop loss of about 30 pips. I was aiming for ppS1 and the daily open price at 1.5307 and 1.5322.
Unfortunately for me, the pair kept shooting lower and stopped me out. I do think that my stop loss may have been a little too tight. Probably a stop before the previous lows, maybe at around 1.5320 to 1.5330 would have been a much better. I also think I could have scaled into this trade a little better. I could have entered half at the ATR and half just above the support line.
So not exactly the way I wanted to start my month, but I think my setup was valid. I did miss though, some other nice trading opportunities on GU, which was one of the only pairs (that I was watching at least) that had some good setups that I should have spotted earlier.
One setup that I missed (although it didn't trigger), was at the top of the day. The pair was fast approaching the top DATR, which also lined up with ppR2. Price never reached that, but that would have been a really nice setup for me.
I also missed a breakdown of a rising trend line, as well as a retest of broken ppS2. Now, I missed these trades because I was doing some pivot point data for EURUSD, but now that I'm also making use of pivot points for GBPUSD, I think I should take down notes on both of them everyday. It's kinda easy anyway, I just need to look at two pairs everyday and observe and make notes.
Speaking of pivots, one thing I noticed is that the PP levels on my broker's charts were slightly different from the ones of another charting software that I look at. I'm not sure, but I don't think that my broker's charts show a gap but the other software does. I think this messes up with pivot points on Mondays. I'll have to look more into this.
So my slump from the end of August continues, but I know that I have what it takes to come back. I had endured a pretty big drop prior to July, but I was able to stay alive in July, and was up a bit in August before the losing streak. So I do know that I can make it - I just gotta survive these slumps! Time to buckle down and get to work.
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