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 I sold at 15923 and got stopped at 15941 for a 18 pip loss.

So I figured the markets were going up.. I went long GBPJPY 15151 and got stopped out at 15122 for -29 pips! Ouch!

Anyway, I have one more trade which is still ongoing… at this time of writing it’s not looking good

I am short GBPJPY 15124 and currently 20 pips down!! Arrgh!

Chart is small but there is a nice supporting trendline.. the market failed to push above the high so I am hoping that the trendline will break and then a rapid descent lower to 151.00 and then 151.60

There is not much conviction with any of the moves and perhaps I should have waited for there to be more momentum before I risked my money….

Oh well, I’ll update you on how the last trade went but of the closed trades, I am currently 52 pips down!

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!

Tags: currency trading, daytrading, forex, forex blog, Forex trading, gbpjpy profit, Trading

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…

Tags: forex blog, forex trader, Forex trading, geppy trading, shorting the gbpjpy, Spreadbetting