Monday, December 13, 2010

Trading GBP/JPY Profitable trade $580

GBP/JPY is very volatile pair of currency like I mentioned before. For some reason I feel I want to trade that pair. Yesterday,  I spotted that short formation  before my bed time. I was hesitating a little bit because I don't like to have open position when I sleep. I like to have control over my position and see what is going on on the market.

But this formation was showing bearish divergence on 30 min and 1h. That would mean the potential for a move more than 50 pips. And when GBP/JPY shows the formation it is always RELIABLE!

Yes, something is reliable on the market!! Can not be ;-)

Each pair of currency has it's own characteristic. It's good to be on the market for a while in order to see that. I started see things in that volatile pair British Pound/ Japanese Yen and I like it so far.

Here are charts:
1)1h chart was showing all bearish reasons I like to see.

2) 5 min.
I expected one move up in order to create bearish divergence or double top what exactly happened.

 I closed position when Eaton woke me up at 4 am in the morning. That was a good decision because price reversed and went up in very short period of time. Although I expect price to go down anyway but the position would be open for too long. And I like to give my baby quality time during the day. Baby is my priority in life now. Trading -secondary, became my hobby.

Would be nice to trade more often. No one bothers you, you are your own boss and no one criticise you when you experience loss. So far so good, no loss whatsoever.

Happy HOLIDAYS!!!!!