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Long Awaited GBP/JPY

Thursday, February 28, 2008

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After series of losses I finally straighten my mind. Last night I've been waiting for my sell-stop in EUR/AUD to be initiated by my broker. My order was almost triggered but price quickly surf up again. So I went to sleep thinking that price won't be going my way after all.

This morning, a long awaited support trend line in GBP/JPY has been breached and I'm thinking of going short in GBP/JPY. But not even 5 minutes before that exact decision been made, my EUR/AUD order was triggered. Another act of banging my head on the wall, Oh! My! God!. With my current account balance I don't think my margin would be enough to trade in any other pair.

Well, I lose -80 pips in this EUR/AUD this evening and price plays near my stop-loss after I manually close that losing position.

GBP/JPY,

As correlation I also watch GBP/CHF and GBP/CAD. GBP/USD is in bullish sentiment and I believe it will clog my perspectives so I left it behind. These 3 currency pair that I'm watching is showing a great weaknesses since a few month before. Well I missed a very huge "happyness" back then. Since Christmas...

I've entered short right after i close my EUR/AUD positions. I was thinking on closing it earlier but well, my greed gets me better. GJ also gave me a very huge headache when the price surf back up and leaving a dragonfly hammer in 4h chart. But... I won.

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