Stops triggered and then turn around!

16.05 gmt

I got caught in a common tactic of bank traders. Hunt stops close to the edges of the trading range, and then make for the other end of the range! I knew what was happening when it was happening, yet I got caught in it. Still, it is an improvement over months / years ago, when I would lose money in such moves. Now it’s a matter of reduced profit.

I need to be more ‘ruthless’ in executing trades, i.e. when I evaluate everything and come to a conclusion I should act on it immediately, not hesitate. I had planned to exit when EURJPY hit 125.40, close to its 50% Fibo of the recent swing down, in the London session. I didn’t execute, sticking to a longer trade plan. But then I got shaken out of that longer plan by the stop hunt.

I’m just thinking aloud here, writing down these mistakes helps me learn lessons more thoroughly.


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