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Forex Trading - Taken Out Twice Already.
By Benny Nardino | September 18, 2007
Starting the day on the wrong foot? It does happen sometimes. It’s that thing they call volatility.Cross traded: GBP/JPY.
I got in tentatively this morning @228.44 looking forward to a possible 228.19 retest from the Asia market hour. After 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.
However, sentiments are beginning to shift upward-bias on intraday. The pivot level still stands at 228.32 and we going long above 228.60/65 with near-term targets @ 229.65 and 230.50 if extended. But if the pivot is violated again, we could be seeing a further downside move with 227.75 and 227.08 as targetted possibilities.
At the moment, signals point upward.
Benny…“A Mentor’s footprint is worth a thousand walk of trailblazing.
Seek the WISDOM of the fore-runners.”
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2 Responses to “Forex Trading - Taken Out Twice Already.”
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November 22nd, 2007 at 16:11
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July 29th, 2008 at 7:59
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