EURUSD: closed short. GBP closed short and reversed

9.32 bst

EURUSD: closed short at 1.3084, -21 pips.

GBPUSD: closed short at 1.5320, -15 pips.

Now long GBPUSD $10/pip at 1.5320. SL 1.5285.

GBPUSD is sitting in no-man’s land, hence the flip-flopping!

EURUSD did not show any signs of a sell, but I sold on the basis of dollar strength seen in USDJPY and weak GBPUSD. But the system remains long EUR.

In the few minutes after entering the GBP long it is not behaving the way I expect, ie not moving up with some strength. In fact it has dropped back to 1.5310 which is worrying. If it doesn’t go back up soon I may exit it.

9.47 Update : Closed GBPUSD at 1.5300, -20 pips.

Lesson for future: If a signal or chart message is not clear, leave it alone. Take profit, but do not enter a new trade until the picture is clearer.

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