The chart shows what happened after I closed. The price action looped ripe for another entry short to ride the market lower but I felt anxious….
I am just not sure what it is but my instinct tells me to be careful… I attribute it to a couple of things, all trading psychology related:
The possibility of losing my 47 pips that I have already made.. it’s always nice to finish the week a winner!
The re-entry looks too obvious a trade… a bear trap perhaps?
Maybe I am thinking too much but once needs to feel comfortable. If the market goes down more I need to be composed, opportunities present themselves all the time.. I am not forced to enter.
We’ll see.. I’ll post another chart later to see what happened…
I went short GBPJPY 161.93 just before the market just dropped and managed to get out before it started to rise for 47 pips. I like these sort of movements… all in less than 10 minutes. I suspect the price action would end lower after this bounce upwards but I don’t want to keep any positions open over the weekend.
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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