British Pound

Thursday  29 May 2014

Sold the Pound position 28 May @ 1.6778

28 May – Buy 1.6812
28 May – Sell 1.6778

Loss = 34 pips, $212 plus $15 commission per contract

We were notified early morning on the 28th that our servicer
had several sites down, including this one, and did not know
for how long before the issue could be rectified.

Checking prices for the Pound and silver position, the Pound
went under the intra day low, so we chose to liquidate right
then.  We know from the formation set-up, if price goes under
the previous low soon after entry, the odds of a favorable outcome
are reduced.

The silver position was retained for a different set-up, and price
activity at that time was in line with position expectations.  For
the past few months, the focus has been more on reducing risk
exposure, and the Pound represented increased risk, which
subsequent activity proved.

Apologies for being unable to access the site for the past almost
two days.  It is what it is.

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