GBPUSD: stopped out at 1.5387, -38 pips

8.30 gmt

I was out at 8.30 gmt, so I had put in a hard stop at 1.5380. This was taken out in an instant with slippage, so my final close price is 1.5387, -38 pips, -13.3%.

The GBP chart is in consolidation mode with no clear direction so I am staying out for now.

This kind of experience, where stops on either side of the market are hit at the time of data releases, is the reason why I rarely use hard stops. If there was not stop, the current level is back to 1.5365, and the break to the topside looks like a fake break, just a stop hunt. Better to watch the market for a few hours before deciding the next trade.

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