St. Valentine's Day Massacre!

WOW! St. Valentine's Day was the suck. I didn't follow my own rules and it bit me in the ass, again. The big loser was the GBP/JPY long. My cardinal sin-I did not wait for all the signals. I jumped the gun, something I had sworn to never do again. I was sure the pair was going to fulfill all requirements of The Grail and figured I would get a head start, I then changed the s/l hoping to salvage the trade. That was mistake #2. As I have posted before, it is the trader not the system. Stick by the rules!

The one thing I love about Forex is that it is a never ending learning experience. Some lessons are definitely more expensive then others, but always worth the price. Lesson learned. Stick to the system! Lets recap yesterdays events:

EUR/AUD-still going nowhere, a bit in the red but signals still good.

EUR/CAD-After diving, is starting to climb back up, still in red but signals look good.

GBP/JPY- This bad boy did a nose dive after very bad GBP Retail Sales numbers. Hit my revised s/l (stupid move-had nothing to do with system) closing 2 lots for -498. Not good. Lucky for me I was watching this mess unfold. As it blew through the 50% retracement I took a 2 lot short @234.50, closed @ 232.60 when the pair started to stall a bit for +380. End result of this debacle -118 pips. Could and should have been much worse, I was lucky. I was testing a 1 hour strategy and happened to catch it when it broke through the Fibo and was able to get some pips back. as far as The Grail-neither the long or the short was by the book, would have been much better if I had followed my own rules. Lesson definitely learned. See what the system gives, not what you want the system to give.

GBP/USD-I waited for The Grail to give me the signal. Went long 2 lots@ 1.9550 with a tgt of 1.9700. After the US TIC Report at 9:00 am it spiked up and I decided to get out @1.9600 for +100. Called it a day after this trade.

By looking at the end results of the day one would think it wasn't so bad. -18 pips is not a terrible day, but I was lucky. I broke my rules and didn't suffer to much. I shall never break the rules of The Grail again, repeat after me, I shall never break the rules of The Grail again!

One new trade strictly from The Grail- EUR/CHF short@1.6221, s/l 1.6305, tgt pt. 1.6150. Will close 1 lot @ 1.6180 and move s/l to 1.6195. Good Luck!