I had a couple of decent entries today which was a short of the AUD/JPY at 5889 and a subsequent close at 5843 where I thought it may bounce as it was a short term support line.. it was a nice 45 points but then the market fell further to almost 5722 meaning that I missed out on over 120 points!

I also shorted the GBPJPY forex pair at 14127 and got out at 14065 for +62 but once again, the market continued to fall reaching 13900 which meant an opportunistic loss of 165 pips!!

So annoying when this happens!!

Tags: audjpy, currency trading, day trade, foreign exchange trading, forex, Forex trading, gbpjpy, spreadbet, Spreadbetting, trading blog, trading profits

The more I look at the stock market, the more I realise that trading is a game of probabilities.. you are never sure what the market will do, you can only make an educated guess as to what may happen and then hope that the market goes your way. If you’ve an edge, then you have a chance of making it as a successful trader.

Anyway, my trade today was a long at 96.37 as I saw the price action bounce off the bottom of the range which I identified…  the market had hit the bottom line 3 times and as a lower top boundary, I figured 96.90 would be a good exit.. this is the evaluation of the probability that is going on in my head.. I am seeing the market hit the bottom of the range 3 times and each time, it went up….

Should it break the range at the bottom, a short trade and if it broke the top, a long.

Soon after,  the market fell and hit my stop at 99.95 and initiated a short trade. My initial trade got hit for -42 however… let’s see if my short trade hits target which I’ve set as 95.15

Tags: currency trader, currency trading, daytrade, daytrader, foreign exchange, forex, spreadbet, trader, trading blog, trading probability, usd/jpy

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