October 14, 2008

When should I close my FOREX trades ?

Long GBP/CAD, after several days of trending in my favour during the morning the candle looked like forming a reversal pattern plus the previous resistance. I feared that I will lose a big part of my profit therefore I decided to exit.

BAD IDEA ! .... just look at the next following days.

CONCLUSION : For all my FOREX trades I will close my trades during the NEW YORK session.