Just a very short one to share with you guys that my trade of G/U was stopped out at 1.9300, gaining 140 pips, some 140% gain on the capital.
And I am beginning to appreciate stop loss levels...but I was stopped out due to a spike that went up to 1.9304, and that is pretty sad. In any case, the consolidation range seem to be quite apparent, or at least will be so by the end of today.
Stop loss...the thing is, no matter how gd one is at spotting reversals and trends, there are and will be times when the market moves unexpectedly. In such a situation, a stop loss saves one...but one can't used a stop loss properly without the knowledge of how to spot reversal points...otherwise the stop loss will just take him out prematurely, just before the actually action which was expected.
Been reading abit here and there...and probably will be focusing on Grace Cheng's blog in due time to see what insight she can offer. Another task (and reminder to myself) is to send my mentor the charts I drew to see if he has any comments for me.
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