I've had a lot of stuff on lately and not been able to commit myself to the markets as much as I would have liked. However, I did have some time today and was able to take a simple bounce off the Daily Pivot on the Euro (EURUSD) currency pair. My target was yesterdays high at 13117 and I actually got out at 13115. A simple trade which got me 20 pips!
I had a really good week this week.. every day being a winning day until today (admitedly I didn't trade Monday)! This was quite disappointing as I was hoping to close the week on a roll. Anyway, nothing is guaranteed in trading, so long as I win more than I lose, my account balance will continue to grow. My trade today was a short on the USDJPY, the longer term charts, the market was going south so I was looking for short trades. The market went down a little before it reversed. Looks like I
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
