20th April – Lost pips trading the GBPUSD

I got caught in a false break to the downside today. You can see where I had two entries lined up.. long at 15343 and short at 15313. The short triggered and fell about 15 points before it reversed and shot up through my upper barrier 15343 and almost 90 pips.

So, how did I lose out I hear you cry..  well, I have what is called a OCO order.. this stands for One Cancels Other which means, which every trade is triggered first triggers the other. So my short trade was trigger first which automatically cancels the long trade. I ended up 30 pips down today.

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Category: Forex trading, Spreadbetting, Trading