USDJPY long today

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 pipsĀ  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…


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Category: Forex trading, Spreadbetting, Trading