I felt that I had to put this chart which shows that the GBPJPY did indeed reach the target I mentioned at 15645 and then promptly fell (note the stochastic move below 80)… this should have been my trade if I had followed the rules… it would have been a lovely 95 pips in the bag… this chart will remind me of the missed opportunity and the reason why one needs to stick to the gameplan…
As I write, the GBPJPY price is at 15620.. it bounced perfectly off 15645…
When I’m feeling tired, it’s quite difficult to trade. I’ve been doing quite well of late with trading and sports betting and I haven’t been inputting everything into the blog. I’ve noticed that people who own blogs like mine with a target in hand use them to monitor their progress.. I am using mine as a diary tool so I can look back at my trades and learn from past mistakes. I have certainly noticed my trading improving immensely this way to the point where I feel confident that I am indeed successful as a trader. I am seeing consistent regular profits into my account and it feels great! However, I’m also conscious that I am getting lazy updating the blog… it’s almost as though I feel that my journey to consistent income is almost there and I want to spend more of my time making the money than documenting it. I’ve noticed that those who have blogged their rise eventually stop once they become successful… I certainly hope that this isn’t the case for me as trading is always changing as markets change and you have to adapt to it.
Anyway, today, I went long the GBPJPY at around 15550. I decided that this was a good entry as the stochastics had dipped and were looking oversold. In addition, I saw momentum pushing prices higher. The first target was the resistance level formed from the previous high at 15591 or so. However, I sold early at 15583 for 33 points. My entry was good, my exit wasn’t so… I didn’t really follow the plan (I feel very tired after a long days work). The price right now as I actually write this post is 15618 which means I’ve left a good 35 extra pips on the table! The next price target is actually 15645!! If it does reach there, that’s 90 odd pips!
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