Day 378: GBP/USD madness

Profit: -$8.11 Total: $1,278.29

I called it yesterday and something in my gut truly did tell me GBP/USD’s rally wasn’t going to last much longer. Indeed, the pound rally gave in today which was relieving to see. Theresa May has officially become the new Prime Minister of England which means she’s in charge of negotiating the Brexit along triggering article 50. The BoE is scheduled to speak tomorrow which will be interesting. They may start off with a small rate cut, as they hinted, or they might say they will wait another month to assess Brexit’s affects.

I’m honestly so glad I held my GBP/USD short last night and did not accept the loss. I had good money management which alleviated the pain from the ~130 negative pips I was holding. If I was my younger self, I would’ve continued to add position as price was going against me, but this time I knew better. Unfortunately, I did pullout much earlier than I should’ve, but I played it safe. What I should’ve done was open new short order as price was going down. All in all, happy I was able to leave the toxic trade with a couple of scratches.

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