GBP/CHF: Long @ 1.7518 (Stop Loss set at 1.7327) - Stop Moved up to +10 Pips - Up 130 pips!

Well I waited and my price level came

I enterd the GBP/CHF long at 1.7518 Pretty much the target entry of 1.75 area. It sank a bit after but came back up nicely. It is currently at 1.7650 as of this writing and I moved my stop up to cover a positive 10 pips should it swing down lower. I find many time that things sell off during Tokyo trading session and when London opens they pick up the cheap deals. Tokyo Sells and London buys. Of course this is not always true, like the recent sell off of the GBP/USD or EUR/USD back in August/September to drive it to current levels was HUGE and London sessions were certainly not bullish lets just say that. In all Huge movement up or down usually call for nice large counter movements (counter trend trades). The important thing to remember is to use stops wisely and remember if you get taken out in a counter trend trade thats the way it's going to be, and all you can do is wait for a counter or go in the direction of the trend. I do both. any beginner should as well. Counter trend trades require a little more time on the screen but they certainly can pay off well. Like this one... I'm up 130 or so pips and I could run away with $1300 bucks for a few minutes work. But I prefer to stay in for the long haul. So I'm good with 10 pips positive for now. It's a free trade and I can't lose money on it. So it's not diggin into me if it swoops down lower. The one thing you can't ever do is get emotional about losing some money. Thats simply for wimps who should not be trading. Not everyone picks a good one!!!

Well for now I'm long on this pair and we'll see how it turns out.