I had opened a long trade on EURJPY a few days back after seeing some support around the 12700 mark. My entry was perhaps a bit premature as I hadn't waited for a confirmation of the support line. However, on the second day, the price actually moved down to support again and tested it (at this point, my drawdown was around 100 pips). This would have been the better place to have gone long but looking at the chart, I would have probably entered at exactly the same price. Anyway, the follow
Posts Tagged trading forex
Today we got stopped out on our Euro trade.. if you look at the chart yesterday evening, you can see that there was a bullish bar.. it wasn't quite a pin but you can see that there was buying where the price had hit the 20 day MA line. At that time, it looked like a good place to go long and so I did! However, as you can see with today's price action, the market pretty much went into freefall and invalidated our entry and stopped out our trade. We lost 60 pips!
Something which is really bothering me at the moment is the dilemma of trading exits... this has been something which I've been trying to work on for a long time but I can't seem to get it right. I know that there is no right or wrong but I am currently toying around with two exit strategies and not being consistent with my approach. As a result, the dilemma of trading exits has become really frustrating and I'm afraid that if I don't get it sorted out, my trading isn't going to reach the next