Missed Trade Lesson In Effect So I posted this trade I missed in...

Missed Trade Lesson In Effect

So I posted this trade I missed in the GBPUSD and hoped that I learned something. I DID!

The EURGBP broke its range to the downside. When exhausted at the 0.8150 level (after the spike low at 0.8140), prices found resistance at the former range bottom at 0.8170 level.

Now today, on news of better-than-expected German GDP and dismal US exsiting home sales,  the EURGBP rallied past the 61.8% Fibonacci retracement level. However, this time, I remembered the moral of yesterday’s missed trade and paid attention to the moving averages on the hourly chart. In one instance, we had up-to-the-pip resistance. In the next, we had spikes above the 200SMA but closed below each time followed by a subsequent bear candle.

Just goes to show that it pays to study your losers even more than your winners.