With reference to the GBPUSD trading outlook I gave on 16.11.2012, I mentioned that I would be looking for a buy if prices are able to close strongly above 1.5897. I manage to enter the trade as shown in the image above. This morning I saw that prices were stuck in a tight range and I have already taken 50% of my entries since prices were at mid range to my target. The rest of my entries, I have shifted them to plus one pip profit.
Warren Buffer rule:
Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
I modified it a bit
Rule No.1: Never let a winning trade be a losing trade. Rule No.2: Never forget rule No.1.