Posts Tagged currency trader

Double top – EURJPY

Double top - EURJPY

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 No Comments Full Story

GBPJPY – trade

GBPJPY - trade

I went short on the GBPJPY forex pair today at 136.75 and too profit at 136.25 for a 50 pip profit. It was looking good for a short as it had once again bounced off a top pattern at around 136.90...  I had intended on just keeping the trade running and gradually move the stoploss down as the price action was moving my way but when it started to look a bit funny in the charts and also as there was some resistance previously at 136.25 area, I thought it would be safer to take my profits!

February 9, 2009 No Comments Full Story

Two losing Forex trades – not a good start

Two losing Forex trades - not a good start

I was eager to get back into trading today....  can you see where I went wrong? Yep, the eager bit isn't a good bit when it comes to trading.. it's so easy to pull the trigger when trading but when nothing is there, you're just gambling which is what happened today.. I did really badly... The first trade, long at 126.96 thinking that the market was going to be heading higher..  I bought it right when it peaked and it plummetted.. my stop was at 126.56 for -40 pips. [caption id="attachmen

February 2, 2009 No Comments Full Story

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