GBPUSD
I shorted cable, even after it popped up so much after the release of the Halifax index. I had originally wanted to short around the 1.5420 area, as that lined up with the previous day's high, PP R1 and top DATR. However, once the Halifax index came out, it busted right through. It's a good thing that I didn't place orders just yet - it turned out to be a blessing in disguise. I decided to wait and see if price would test the weekly high around 1.5490. This also happened to be where pp R2 was. Price actually did reach and test the resistance, and I was one second away from shorting, but got a lil' scared and waited for a candle close. Once the pair had fallen 30 pips and formed a long wick, I shorted at market at 1.5461, placing my stop above 1.5500. However, I only shorted half my usual units - I had wanted to just add if the pair would retest 1.5485.
Price then proceeded to stall for a bit, before shooting down to test the area of interest around 1.5425. I decided to close at 1.5431, just a couple of minutes before the release of the UK manufacturing PMI report to avoid getting whipsawed. I had a plan in place to enter a short order below support just incase the report was much worse than expected. The report came in just as expected, and for now, it seems that 1.5425 is holding as support.
End result - +30 pips / +$15
EURUSD
Another trade idea that I had was to short EURUSD at 1.2740, which which was just below the daily pivot, and upper DATR. Unfortunately, I didn't get triggered as price only reached 1.2733 before dropping and making new lows.
While I am a little disappointed that I didn't catch the top of that GBPUSD move, I have to say that I do feel like I traded the right way. The pair was moving really fast, and I think it was just a good decision to wait and see how it would react to the resistance area. I still managed to grab some profits, so I should be happy with that. Now if I could only make my winners larger than my losers!
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