Archive for the Forex trading Category
Today we got stopped out on our Euro trade.. if you look at the chart yesterday evening, you can see that there was a bullish bar.. it wasn't quite a pin but you can see that there was buying where the price had hit the 20 day MA line. At that time, it looked like a good place to go long and so I did!
However, as you can see with today's price action, the market pretty much went into freefall and invalidated our entry and stopped out our trade. We lost 60 pips!
April 23, 2013
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Today, we saw massive moves on the Yen pairs. USDJPY had gone up around 250 pips and the GBPJPY around 600!!
On the 2nd of April, I had put on a long for the USDJPY pair after it had bounce off support. I saw that the longer term trend was up but the market was going through a retracement.. I thought that this was an opportunity to go long so I did. I set my stop at 100 pips which was below the previous low and a target of 100 pips also for a 1:1 risk reward trade.
As you can see from the
April 4, 2013
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The GBPJPY trade. I went long GBPJPY the other day and initially, we got a great move.. up 50 pips. I expected the movement to go up much more and 50 pips is a relatively small move in the GBPJPY market. In the afternoon, the price action stalled and fell and then bounced. I felt that the price action wasn’t clean and as a result I closed off the trade with an approx 50 pip loss as I anticipated uncertainty.
This morning, there were further falls and I felt great that I had got out of t
March 20, 2013
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