The Perfect Trading Setup which proved not to be Perfect

Today I saw a beauty of a set up on the DOW .. the price action had made a double top and not only that, the daily pivot proved to be a good resistance line.. it screamed a short and so placed my trade looking to take the trade down to 11800.

However, with markets, anything can happen and this is what actually happened… yes, the market actually went up to hit my stop and I ended up nursing a 30 pip hit. That’s the thing about markets, you just never know what can happen and a newbie mistake (which luckily I didn’t do) is seeing this as a good trade, put a bigger allotment of your funds in to this trade.

However, I also saw this set up on the AUDUSD pair which I also took and ended up another 30 pips down!

So 60 pips down today which is rather disappointing but that’s the nature of the markets, you never know what can happen!

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Category: Forex trader, Spreadbetting, Trading