Hey guys,
I just got an email asking why I closed GBP/JPY so I thought I’d blog the answer.
I closed the 212.00 break at 212.20 because it did not have any bullish momentum. The price kept getting stuck and retracing so based on price action I closed out early. This time I made the wrong decision but as far as I am concerned any trade that makes pips is a good trade and I do not dwell on my mistakes. I played this trade badly but there will be plenty more trades in future. Also I am a cautious trader and I do not take many risks, if you are less cautious you could simply stay in. That is why I said ‘you should consider’ and not ‘GET OUT NOW’. With these trade update posts I am just letting you guys know how I am handling the trade, you should always decide for yourself whether to stay in or close out.
On another note it is good to know the 212.00 line is working well and I will be looking at the 213.50 next.
June 16th, 2008 at 6:18 am
I closed out early too Nick with 11 pips for the same reason. Thanks for the update
June 16th, 2008 at 8:32 pm
You said in the chat room that you don’t like to sit and watch. I guess this is another reason not to. You probably would have got 50 or 70 if you just set your target and went and did something else.
June 16th, 2008 at 9:16 pm
Maybe your right, it very well could have been the watching of the trade. Either way to trade made profit, even if it was a little it is better than a loss.
June 16th, 2008 at 9:17 pm
Hi Nick, thank you for the update of your trade. I’m learning something new in here
God Bless