Well, yesterday’s trade didn’t go exactly according to plan.  As I mentioned I was aiming to get to the 38.2% Fibonacci, which would have been worth about 110 pips.  Things were going really well, and I think I got as close as 10 pips away from my target and then the market changed.  Luckily, once I was up I put a trailing stop-loss in place in case things didn’t go my way, and I was stopped out for a profit of 61 pips.  A good result, but it would have been better if I had bagged all the pips on offer.

This just goes to show that sometimes, everything is looking good but the market can change on you.  Reviewing the trade today, I think I would have done the exact same thing.  At the time the market changed, the stochastic wasn’t indicating that the market was overbought, and so I feel that I played the trade correctly; but I am glad that I put that trailing stop loss in!