I went long the USDJPY at 9796 as it seemed to have moved beyond the short term negative bias. You can see the trendlines I have drawn in. However, the GBPJPY and EURJPY have really shot ahead.. I am just about 10 pips up but if I had made the trend with the GBPJPY or EURJPY, it would be up by 50 and 40 pips respectly. It means I chose the weakest of the Yen pairs but also the less volatile. The profit potential for the first leg up isn’t great, just 25 pips  at around 9822 but there you are.. you can’t have it all.

I am determined to be more focused this time round.. I hope I can keep it this way.. the human mind always finds excuses to not be focused and as a result, you slack and it becomes a gambling game. I’ve not been updating the blog as much as I should have also and that’s also been due to laziness and not trading the markets.

I have been looking at sports trading with Betfair as some of you have noticed.. will talk more about this shortly in another post…

For the time being, have a look at the chart of my entry with the trend lines…

Tags: buying usdjpy, currency, currency trading, daytrade, daytrading, forex, forex blog, trading blog, usd/jpy

I had placed a short for the USDJPY Forex pair two evenings ago at 98.24 with a stop at 99.16 and a target of 96.74. The 4 hour charts look as though they had run out of momentum on the uptrend which corresponded to similar looking peaks the over the past few weeks. My stop was place in light of the recent peak around the 9th of March and the target was a level where there was support found on the 6th March. There was not much movement for a day or so and when the market moved upwards, I was expecting the price action to hit my stop. The price action did get within 16 pips of my stop but then over the course of today, it fell and hit my target.. and beyond. I got out and made 150 pips! Hoorah.

The interesting point to note that in the daily chart, the price action had hit the 200 day MA…

Tags: currency trader, currency trading, daily chart, foreign exchange, forex, forex spreadbetting, Forex trading, trading blog, usd/jpy

Last night the USDJPY charts made a double top pattern and I promptly sold. The odds seemed favourable so I got in at 98.20 with a 50 pip stoploss and 50 pip target

I shorted it as it came away from it’s second peak.. I was a little cautious as the market had been in a long uptrend but the chances I felt going my way were favourable so I went for it.. unfortunately, my stop got hit earlier today.

Tags: currency blog, currency trading, double top chart pattern, double top usdjpy, forex blog, Forex trading, usd/jpy