I bought the USD/JPY pair at 93.75 as it broke the bearish 5 minute pattern. I had initially put on a 100 pip target with a 50 pip stop. The market hit a short term peak of 94.15 and then headed lower.. I waited to see if it would go up against it again and yes, it did and start it fall away from it.. hmm, I could take my profit or wait to see what would happen. Looking at the 4 hour chart, the chart looks like it may go lower so I took my profit at 94.10 for 35 profit.
Last night, I found that my trading platform had 5 min UP/DOWN markets.. these are binary markets and allow you to bet on the movement of the DOW in 5 minute timeframes.. for example, you can bet if the DOW will go up or down in the next 5 minutes. I thought I would have a play and boy, was that the worst mistake.. it is pure gambling and I got my fingers burnt, I lost the equivalent of 70 points.. very bad! Anyway, I'll try not to play with it in future as it's not good for the bottom line.
Following on from my earlier FTSE trade of today, I also spotted a perfect entry for the Dow Jones today.. it's a shame that I didn't trade it as it would have been extremely profitable.. it's nice when the markets hit a perfect resistance line and short.. however, these perfect hits are rare and look great if you have executed them in the right manner.. however, more often than not, if you saw this movement, the markets wouldn't behave. However, I did short the Dow for a quick scalp trade wh
