GBPJPY – Forex trading… almost got stopped out but ended up a winner!

I shorted the GBPJPY at my entry point as I thought it was heading lower as it broke below 13660 and I promptly pressed the sell button at this level. My stop was 13695 and as soon as my trade went through, the market went up… I knew that it had to clear the upper resistance but it kept bouncing up at this level which made me feel that I may have been wrong with my trade.. however, I kept a close eye at the level and then, it suddenly plummetted! However, I wasn’t sure how far this would fall as the markets has been in an uptrend for the past half day so I grabbed my profits at 13625 as the market looked to bounce back. The market could fall from here, the next level would be almost 200 points from here but I don’t want to play the volatility.. I am just not that confident of where the market is going at this stage and I need to keep with trading with the trend in the timeframes I am looking at. A 35 pip gain is great and my account is currently riding all time highs!!

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Category: Forex trading, Spreadbetting, Trading