I took a relatively big hit on Friday. My contest account was around the $150K mark, and I'm currently all the way down to $97K.
The big hit I took came from CAD. I had taken another position by shorting USDCAD. In my previous post I talk about a possible 5 wave sequence calling for one more leg of weakness. As I was watching the price action however, it was clear the move in the last few days was not impulsive and I really should have cut that position at a smaller loss.
I knew going into the week, that a lot of my trade ideas and setups were counter consensus, so I was prepared for this. It still takes a bit of a toll however.
GBPCAD at one point was 265 points or so in the green, again, should have put the stops closer on that one. I got stopped out for about +150 pips, which is still a good thing.
Came very close to my goal of being in the top 20 this month. In fact I think I was at one point. Will try to see if this week has any decent setups, otherwise start focusing on next months contest.
The big hit I took came from CAD. I had taken another position by shorting USDCAD. In my previous post I talk about a possible 5 wave sequence calling for one more leg of weakness. As I was watching the price action however, it was clear the move in the last few days was not impulsive and I really should have cut that position at a smaller loss.
I knew going into the week, that a lot of my trade ideas and setups were counter consensus, so I was prepared for this. It still takes a bit of a toll however.
GBPCAD at one point was 265 points or so in the green, again, should have put the stops closer on that one. I got stopped out for about +150 pips, which is still a good thing.
Came very close to my goal of being in the top 20 this month. In fact I think I was at one point. Will try to see if this week has any decent setups, otherwise start focusing on next months contest.
