The chart is show above.. the upper and lower lines are at 14937 and the lower line 14844. This looks like simple short for profits. It was.. however, for me, I didn't wait until 7am finished and my first trade was a long at 14927 which obviously ended in a loss! The loss was 50 pips and my gain on the short was 30 pips.. totalling -20 for the day!
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
I'm trying to be very careful with trades lately, only picking those ripe for picking and I picked off two more successful ones today! Both were GBP pairs, the GBPUSD and GBPJPY and both were winners, hence sterling by both counts. The EUR pairs however were extremely weak and they were ideally the ones to have traded at the same time but the volatility freaked me out and I was playing cautious. Anyway, here are my charts showing my entries and exits..
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