Today was the worst trading day I've experienced for a long while.. I don't know if it's because of the Bank Holiday and low volumes but the market is just drifting from up and down. My entries today have all resulted in a loss. Firstly EURUSD, the market had lost upwards momentum and I was anticipating some downwards pressure.. however, the market turned upwards and didn't break down.. I got out for a 5 pip loss. Then the GBPUSD was the same thing... thought there was a top pattern so
Archive for May, 2009
Looks like lady luck was on my side.. the GBPJPY fell and I closed when the downward momentum started to flag. I got out at 14933 for +40 pips!
I went short on the GBPJPY at 14973 as it was bouncing off the resistance as you can see on the chart below. There seems to be resistance around the level where the price action was and as the price action looked to fall, I felt this was a good entry. The market has found some strength all of a sudden however so we will have to wait and see what happens. I have my stop at 15024 with a first target (if things go my way) at 14900 or so...