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.
Forex trading can be a 24 hour endeavour and depending on the time of the day that you're looking at the markets can determine what you should be trading. Obviously, it is best to trade with the markets that are most busy as they will be liquid markets and allow you to place trades in a liquid and more true market. However, just what is the best instrument to trade at the time that you're looking? Well, this is the question that I asked myself and off I went to compile a quite chart on when bes
As I mentioned last night, I had gone long on the GBPJPY at 174.21 with a 50 pip stop loss and a 45 pip trailing stop. I had correctly picked the right direction and the market went up.... my trailing stop went up also to capture profits. The market hit a short term peak at 175.00 before it started to fall and caught my stoploss which at this time has moved to 174.58 netting me 37 pips. This was quite annoying as at 175.00 it was a 79 pip profit. Then, not soon after hitting my stop, the market
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