Forex trading update – 23rd April
I closed my USDJPY long for +3 as I got nervous about it….this turned out to be the correct thing to do! Phew!
Anyway, I noticed that the GBPJPY got stuck in a short term range, 14400 and 14373 so when it got near 14400 I shorted it.. not only was this the top of the range but it was near a whole number.. whole numbers usually form a good support/resistance so I went for it… it didn’t look too good a few minutes into my trade and I had my stop at 14420. The spread with the GBPJPY is 10 with my broker but it is compensated by the greater movement in pips should this thing move. My first target was 14350 as you can see.
Anyway, the market got to the bottom of the channel and I was thinking whether I should just take the profit.. afterall, it could have easily gone up from here. I watched it and it was relatively weak so it fell through this and as it got near 14350, I took profit.. in total (after spreads), I took 32 pips. Market could easily go lower from here but I’m happy with my profit..
