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GBP/AUD: My Stopped-Out Trade

Published 07/24/2013, 11:14 AM
GBP/AUD
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Well, I'm now down just under 1% for the year, which is a bit disappointing. But of course, I just have to shake it off, learn from my mistakes and continue forward.

Here's a trade I just got stopped out of on GBP/AUD. The highlighted area shows the range I was monitoring; I then put an entry order to short near the top of the range, with my stop at 6705. Unfortunately, the resistance levels I observed on the chart below between my entry point at the top of the highlighted range and my stop at 6705 were also breached, and my stop was hit for a small loss. Right before price reversed and started heading back in the direction I originally anticipated.
<span class=GBP/AUD" width="879" height="655">

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