Posts Tagged Forex trading
My trading of late hasn't been particularly good.. I know I haven't updated the blog with these trades but in total, I had traded 6 times with a total loss of around 500 pips! Ouch!
Anyway, last night, I sat and spent a lot of time thinking... where did I go wrong? What happened to the success I was having?
I think the key to being successful is to be adaptable... the trading rules change when the markets change.. you need to have a trading strategy for trending markets and ranging marke
February 27, 2009
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I placed another trade.. a short at 90.31 as the price action looked liked it was falling and going south.. however, it is current retracing right now. My stop as you can see is around 90.60 with a target price of 89.95. It's not looking good at the mo but the daily chart is still looking like a short. I may get stopped out but I expect to see the price action to get to 89.00 in the next few days... we'll see.
February 11, 2009
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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
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