I took this one a couple of days ago. A short position on the EUR/ZAR. reason was the fact that there was a BEOB which was also a major fakey at a previous resistance level. Apart from this there wasn't much confluence. I had a limit order set for the break off the bar. Risk was only 1% on this one because I had other pending orders on at the same time. Here is the chart before my order was triggered (click to enlarge).
Here is what happened
Overnight the bar was broken and my order was filled. Trade seemed to be moving nicely in my direction while I was sleeping, but by the time I woke up, it had reversed and I was in drawdown. Why did price reverse before the FTA? I don't know, but I heard that good economic news came out of Spain and that had pushed the Euro up. I don't pay attention to economic news. Price action is the only thing I use to trade. Anyway, as the chart explains, I eventually got out for a reduced loss of 0.25% of my account. I can handle that. Had I left my stop in the original place? We'll see what happens in the coming days. This loss did piss me off a bit, even though it was only small.
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