Archive for the Forex trading Category
I had placed a short for the USDJPY Forex pair two evenings ago at 98.24 with a stop at 99.16 and a target of 96.74. The 4 hour charts look as though they had run out of momentum on the uptrend which corresponded to similar looking peaks the over the past few weeks. My stop was place in light of the recent peak around the 9th of March and the target was a level where there was support found on the 6th March. There was not much movement for a day or so and when the market moved upwards, I was exp
March 19, 2009
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When I started to learn you trade, you naturally seek out what other people say.. unfortunately, when it comes down to what peole do say to start with, it's mainly share tips.. this is exacerbated by the fact that a lot of people who come into trading are looking for a fast way to make a quick buck... unfortunately, trading does not work this way...
Trading actually made me learn a hell of a lot about myself, I learnt about controlling my emotions and also learnt about myself as a person... a
March 16, 2009
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Last night, I went short on the EURJPY after it looked like it made a double top.. I got in at 123.35 with a stop at 123.85 (50 points). I had a target of 124.65 and it got hit.. as I write this, the price action is at 122.85 which is almost 200 pips lower.. oh well, profits on the table but I made my 70 pips!
I am using the longer term charts meaning 1 hour and 4 hour charts to time my entries rather than the 5 mins and 15 mins before... although you still may not get the perfect entry,
March 6, 2009
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