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

Unfortunately, my winning streak was broken the other day (18th May) when I sold the EURJPY at 13016 and got stopped at 13050 for -34 pips. The market had been trending upwards and I thought that the momentum was running out of steam and hence the short.. the market briefly dipped and I felt this was my cue to enter.. however, it turned out to be a fake sell pattern and the price promptly went upwards to hit my stop.

The lesson here is to be careful when trading against the trend. I find myself finding these sort of momentum plays quite alluring.. I need to be careful when trading this way as it is risky (but rewarding if it goes the right way).

Tags: eur/jpy, forex, Forex trading, spreadbet blog, spreadbetting blog, trading loss