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.