Since a session with Tom last week when I decided to up my risk to grow the account much faster, I have done the opposite and depleted it much faster. I went short the NZDUSD today after the Greek debt crisis announcement. We were at a level I had been watching in the kiwi for some time so was glad when I got filled at 0.8116 short. I risked 8.3% of the account on this trade.
When the trade was filled, we were at the upper ATR for the day at a solid resistance level and I was ready to watch it tank. It did come off the level and formed a pin bar on the hourly chart which was exactly what I wanted to see. The next candle though closed above the pin bar and closed above the level. This was a significant warning sign that this market was going to go one way, and it wasn’t down. I stubbornly held onto the trade though as I had a wide stop. The S&P went parabolic upwards and dragged all the currency pairs with it with the Kiwi leading the way. After six hours of relentless agonising move upwards, I got stopped out for a 8.3% account loss at 0.8185. I feel like I’ve lost my way a little bit and to be frank, I feel like a bit of a twat holding this position in the face of obvious signs to dump it. Anyway, here it is in all it’s ugly glory. Note that I managed to puke the highs yet again.
-8.3%
