Short GBP/USD for counter trend move
The charts looked to be weakening for a slight pullback in GBP/USD’s .02 rise today, so after closing my long EUR/USD position I opened a short trade on it. I tend to take profits too early, and will probably do the same this time. I’m being really overprotective of my profits in this market.
I was initially looking to exit with a 100 pip move, but I will probably setting for 20 so I can get in a good position for what I think will be another leg up for EUR/USD in coming hours and days.
Update: I did end up closing this position for a small but satisfactory 8.5% profit.