As the annotation goes, I'm glad that I didn't take it.. the markets may well go south but from the initial point of where I thought could have been an entry, it would have been a disaster for a daytrade. The market shoots up to 161.90 before it dwindling around doing not much. A daytrader would be quite nervous at this stage.....
The chart shows what happened after I closed. The price action looped ripe for another entry short to ride the market lower but I felt anxious.... I am just not sure what it is but my instinct tells me to be careful... I attribute it to a couple of things, all trading psychology related: The possibility of losing my 47 pips that I have already made.. it's always nice to finish the week a winner! The re-entry looks too obvious a trade... a bear trap perhaps? Maybe I am thinking to
I went short GBPJPY 161.93 just before the market just dropped and managed to get out before it started to rise for 47 pips. I like these sort of movements... all in less than 10 minutes. I suspect the price action would end lower after this bounce upwards but I don't want to keep any positions open over the weekend.
