My long GBP/JPY trade is still hanging in there and is still up above my buy line. This pair is one of my fav's as the movements can hardly be matched by any other pair. Sometimes though it can lay flat before anything happens. That flat direction is going on right now, and I'm glad it moved above my buy line so that I could lock in a stop. I often lock in stops above my buy line even if it's only 10 pips. This prevents me from holding a bad trade should it go against me and opens up the possibility of a better trade at a different level. I am curious to see how this pair reacts to the FED decision expected later today.
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entered long at 135.246, looks like a solid bottom/support has formed now
ReplyDeletei've also started locking in stops above buy lines, seems like a good strategy and it has helped me double my FXCM micro deposit in 2 weeks :D