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Forex Trading - GBPJPY Finally Got Out Of "Jail"

By Benny Nardino | September 18, 2007

Cross traded- GBP/JPY.

Today has been a very exciting day. I started the day with two short entries, stopped out @ 228.82 and 228.87 respectively with 38.5 pips losses. With both 6 lots in total, that was a massive 231 pips loss. I’ve learnt to move on from such hits. Since those trades, I have made two good successful entries and both came up trumps.

… 228.29/31 it went back to take out my stop. Got back in @ 228.48 same result. Got off lightly though, trading 3 lots at a time. Down by 231 pips from stoplosses. In the medium-term the outlook of this cross still look south on the daily time frame.

As hinted in my earlier post, Forex Trading - Taken Out Twice Already I was looking to taking upside move @228.65 but couldn’t. Opportunity arose @229.04 and came of @229.84. As the morning report reactions wane the cross regained momentum. I went in again at 229.69 with fingers on the stoploss. The sloploss was eventually filled @231.45 seconds after adjustment.

I think I am okay for the day. My wish for you is that your forex trading today should become your best yet.

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