GBPJPY – “That’s Interesting”
GBPJPY, 4 Hour
Yesterday I wrote about the GBPJPY pair on the 4 hour chart and concluded that a SHORT trade with “An initial target around 161.20 (20Day Moving Average), 161.00 and further out to 160.60 from current 161.85 levels. A recent high of 162.50 areas provides a stop area”
Although the pair achieved my two target areas I was stopped out (the daily high being only a couple of pips above my stop area.)
So I had a losing trade, that went on to hit both my targets. As a trader this happens and we simply have to add to our Trading Journal and learn from it. Always analyse your trades – both winners and losers.
Trading really is a mind game and accepting a loss is probabaly the most important aspect of that mind game. I learnt many years ago that winning and losing trades are always simply “interesting”. Losing trades happen and will continue to happen, however, with the correct risk and money management you always stay in the game and have funds to take the next opportunity that comes along.
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
“My mission is to help you to become a confident and successful trader”
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