Well, the market went my way and hit my target for 144 pips which was healthy. However, the market continues to fall and I’ve left another 70 pips on the table..

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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!!

Tags: currency trader, currency trading, daytrade, daytrader, forex, forex blog, Forex trading, gbpjpy, spreadbet, trading blog

I really seem to be getting the hang of trading the forex markets lately and my account is at all time highs… long may it be like this. I don’t really know if it’s me who has improved or simply that the markets are favouring my style of trading… anyway, I am happy with how things are working out except for the fact that although I enter quite well, I seems to be taking profits far too early still…  here are my trades for today…

I went long the USDCAD forex pair at 12515 and closed out at 12560 for 45 pips… it did look a bit exhausted which is why I took profit.

Then as below, I went short the GBPJPY, I was conscious that I got in a bit late however by about 20 pips which make me a little uneasy.. however, I got in at 13897 and took profit at 13872 for 25 pips.. as you can see, the GBPJPY dropped to 13830 meaning that I missed out on a further 40 pips. The GBPJPY in comparison is an extremely volatile pair so my finger was on the button and an up move in the 1 min caused me to hit the trigger!

Still, a 70 pip profit isn’t to be sniffed at!!

Tags: currency trader, currency trading, day trade, daytrader, foreign exchange, Forex trading, gbpjpy, spreadbet, trading blog, trading psychology, usdcad, when to take profit