This is most annoying when it happens but unfortunately it does happen.. it is part of trading. I lost twice trading the EURUSD or Euro today. The trend looked like it was up and my instinct told me that prices would want to test the previous high of today so I'm looking for long positions. However, my analysis was wrong today and both trades as you can see were stopped out. I lost 17 and 15 pips or 32 pips today.
Today my focus was getting short on the GBPJPY forex pair. I decide this by looking at the daily and 1 hour chart. This gives me a rough idea where I think the market is heading. This is purely a visual thing to see the direction of the trend... nothing complicated. What is a bit more complex is looking for an entry after you've decided which way you want to trade. I've annotated the chart slightly differently today and I'll go through it now. So after deciding to go short in the
The chart of the Euro (EURUSD) today on the 1 hourly was as below: The Euro had a very strong day yesterday and when the market opened today, it was really watching to see if the market would break yesterdays highs at 13370 and continue upwards or fall. It's very tempted to buy on the break of the high but after such a strong move yesterday, any long entries would have been on a pullback for my liking. However, the price action broke above and demand was just not there for it to go any hi
