Short entry on the GBPUSD forex market on US Independence Day

I forgot that the US markets are not open today due to Independence so perhaps it probably wasn’t a good day to trade. Oops!

Anyway, I shorted the GBPUSD at 15120 as it moved below the support line. It dropped 15 pips… I’ve got a 80 pip stop and a 75 pip target on this. However, it’s currently retracing and that’s the thing on holidays. Low volume means that it takes less to move the market and could also mean that some traders go stop hunting… that’s moving the prices around to take out your positions.

In hindsight I wouldn’t have traded this with the US on holiday. However, I’m keeping my stop and limit in the market, lets see what happens…

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Category: Forex trading, Trading