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Closed Trade: GBP/USD 9/14/2017

Mosaic 55 - Forex

Closed Trade: GBP/USD 9/14/2017

Long GBP/USD at 1.3336  on 9/14/2017.    Initial Stop Loss  0.9615

Exit: 1.3144

Gain: 213 pips

Losses are a reality of trading. If losing scares you or causes you to err from your trading plan, you will never be successful. In order to win in this game you have to push through the rough patches by having faith in your system and its mathematical edge. We suffered a string of four losses in a row, they were by no means fun but by continuing to believe in our strategy and persevering we were eventually rewarded with a large gain that wiped out those losses and some.

The British Pound caught a strong bid on the 14th due to some very hawkish comments by the BOE stating that the markets were under estimating the potential for a rate rise in the near future by the bank. After jumping aggressively off the 1.3200 level and rapidly rising to above 1.3300 in under an hour we took a position at the close of the hourly candle with a hard stop below the open.

Our patience and persistence was rewarded with a quick jump to a nice profit.

 

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