Yep, they’re coming thick and fast now – lol
This trade was based on a lack of large sell orders at this point of the day. Price basically bleeding up following a serious gap down over Sunday night. The logic goes like this…
If you have a large sell position to execute you’re simply not going to drop this into the market on the wee hours of Monday morning after the pair has already dumped 100+ points
If you read ‘Markets in Profile’ or anything on auction market theory this will make perfect sense. Price auctions up looking for sellers and after a drop like this there are no sellers down here 😉
So there’s a (qualified) good chance that price will get back up to somewhere close to the top of the gap before the buy liquidity is available to mean this type of size actually gets executed… right? Right!
Apart from the error I made which I’ve pointed out on the chart (trailing my stop too aggressively on/around my first target) I also could have waited for a better entry price.
I actually remember thinking ‘I want 0.9396 to buy this’ but then I decided not to wait and plumped for 0.9403 instead. The reason I mention this is that waiting could have meant I’d have been less jumpy with my stop and held the trade for longer.
This is all highly speculative of course but before anyone asks this was a +24 winner although yes, there was another +20 in there which I missed at one/both ends.
Right, back to work as obviously I’m still not a genius 😉
All my best – Robert