Last Friday I ended with a trade on the Gbp/Jpy and I ended up Losing -18 pips on the trade but I am up a total of +250 pips. This was a great trade because there were some lessons to be learned and now we all get to learn. I know that it sounds crazy but yes a losing trade was a great trade. Hey, if you learn something that will help you make money that is a good thing right. I actually made the right call but once again the execution was poor so So lets take a look at the lessons learned:
- First was a lesson that I thought I learned earlier and that is wait for the news. I wasn’t paying attention and the news was released ans I didn’t realize that it was coming out.
- Second I entered the trade on a bounce off of the trend line but I entered too soon. I should have waited for the one hour candle to close. I instead entered on a 5 minute candle close.
- Third, I realize how important execution is because my target was hit and I lost money. If I would have executed properly I would have had a great trade.
Lessons learned are important to remember so you don’t repeat the same mistakes.
Here is my trading log results:
Now for the next setup and this time there is going to be patient execution so this trade should be a good one 🙂
The Gbp/Jpy has had a nice run up like I was hoping for on my last trade. Now the pair is starting to get tired and has been going down for the last 5 hours. What I am looking for is for the pair to bounce off of support around 135.00 area. However on this trade I will not enter until I get a one hour candle that closes above the high of the previous candle. I will post the trade via twitter If you want to get this trade entry you must follow me there. I also send it out via email but that is slower than Twitter.
Anyways look at the chart to give you a better idea of the trade.
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