Didnt have much time to write cause was too busy hanging on to my balls. The plan was to trade on gbp/jpy this week. Da plan, take a ride to 245 then head south. Gbp/usd didnt excite me too much, looks flat on my chart. It went as planned till tuesday. Every single trade i took was stopped and was thinking im not goin against its trend? which part of the plan i didnt follow? well, not every single plan is perfect and i sense something funky is goin on here. Losses were more than i can take for a day. Rather than losing more money i decided to turn off PC, not to trade, do something else.
Article came out on thursday, "Yen reversal - confirmed", hmmm. Also,news on BoE price hike. Read more articles, visit few forums then came up with a plan for today. Will long if uk data turns out upside then short(still on original plan) OR short if downside data. I like these technical analysts, they like using big words.
"Furthermore, if we see a combination of unchanged rates in the UK along with a sustained bout of Japanese yen strength, GBPJPY could break support, resulting in precipitous declines towards 239.00."
Precipitous, howd i pronounce that. Yeah i dont read much except for technical manuals and gametexts. Good thing theres dictionary.com. Damn, stopped out of eur/usd after news "N.Korea missile fired", a boost for usd. 2nd time ive seen this....
News time, rates were unchanged. It went down and hard. So i waited for my order to trigger.Took trade when it went below 4hr trend channel. It found support at 240.50, sigh, that was my entry point! price battling up and down, still hanging on and confident of the strong downtrend. It finally broke support and continued downwards. Alert came out "uptrend broken", the beast continues its rampage, rip and tear every single support level, what a monster. Good thing im not against it. Abt 400pips movement. settled down to 238.90(last i checked), from day high of 242.22, hit my target and exit. Managed to recover most of this week's loss. Phew!
One thing i experienced from the beast, i would want to get on its good side and never go against it. Ok, did not go as high as 245.00 but from 243.03 it did drop.
Things i learn this week:-
1. Survive first
2. Not everything goes according to plan
3. Gotta keep my cool, not do stupid mistakes when a trade goes bad.
Now, whatll i do next? 3 more weeks until end of month, still much to learn, alot more catching up and work to do. Quite a rough week.
Result: -200pips
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