Someone sent me this today.. it’s a voucher for Free 4-pack of Foster’s Twist. Since this blog is all about saving/making money.. I thought it would be ok to put here!
Hi all,
For those that read my previous morning post, I mentioned that I had gone short EUR/JPY.
Well, I have closed this now for a +42 pips profit, not bad for a few mins of work. However, in hindsight, I should have kept the trade going as the market has dropped an additional 30 points as I write and still falling. Oh well, a profit is a profit! My initial trade was opened at 16150 with a target of 16010… unfortunately, I chickened out from holding this all the way..
I just want to go through some of my analysis for the trade and exit so people can comment. Trading is always a learning game so if I can help someone and someone can help me then we all benefit.
Firstly, the analysis… if you look at the daily chart of the EUR/JPY, you see that the market is clearly in a downtrend. If you then delve a bit deeper (4 hour charts) you can see that the market has fallen from a top of around 16535 to a low of 15995. If you draw a Fibonacci retracement you can see that the market bounced up and hit the 50% mark and has since fallen.
Now, delving a little furthermore, the 15 mins charts. At approximately 7am today, the maket made a short term bottom 16126, and has retraced up to 16170. Funnily enough, if you take the 15 min high (prior to the drop) 16170 is 50% Fibonacci retracement again!! This was my reason for entry, I saw that the markets were behaving as I would like them to which gave me confidence in the trade. I watched for a bit and it seemed that the market wanted to head lower so I put in my trade.
Shortly afterwards, the market dropped. I take round number prices as resistance so when it hit 16100, it floated a bit. I was thinking that it may bounced up from here again and didn’t want to take the risk so close out.
However, shortly after a mini bounce above 16100, it went straight down again through this level. I looks like it may reach my intended target of 16010 but I’ll await another safer entry.
Thing is, never beat yourself up over missed opportunities. If you miss it, there are opportunities every day in the markets… just wait for the next one!
I enclose a picture showing my entry and exit.
Morning all,
I hope everyone had a good weekend. I actually have two weeks booked off from work which is great, I’ve not had a break in a long time so it’s nice to just relax! I’m hoping to trade in this time.. in fact, I’ve just gone short EUR/JPY.
With each trade you never really know where the trade is going.. I don’t think any successful trader will say that they know where the market is going. All you can do is to make an educated guess and then put on your position. Set a stop and a loss and leave it, ignore the market noise as that will force you to get emotional and stop you out unnecessarily.
If you’re new to spreadbetting and want to give it a go, you can either set up a demo account or better still, open up an account that gives you some free credit. You can play with the account then and realise the true gains but if you lose, make sure you only lose upto the free credit so that you don’t actually lose any of your own cash.
Just had a look on Google and the ones offering some free cash to new accounts are:
Worldspreads (£250 cashback on losses) – good offer, however, currently you can’t trade 24 hours with these guys
Another different type of trading the financial markets are the fixed odds markts. These have really come into their own and offer a lot more volatility. This is great for those who know what they are doing but for those that don’t, you can lose a lot of money. Once again, the strategy is to use the free sign up bonus they give you.. once you’ve used that up, then quit. Remember to start small as you’re learning the ropes. List of the fixed odds markets which are currently giving away some free money:
They’ll give you £20 so if you lose this initial amount, then stop! I particularly like the fixed odds markets as you can just bet on markets going up or down.. you don’t have to worry about the small intraday movements. They basically offer liquidity in markets even when the underlying markets are not moving.
To read more about the bets on Bet On Markets, click here
Recent Comments