Sunday, January 14, 2007

Journal Entry: Never ever commit to impulse trade again

Jan. 12 2007 (USD/JPY trade)

Trade: Short 1 lot of USD/JPY @ 120.52.

Stop: 121.00 (Psychological barrier).

Target: No target. Let it run as long as I can stay awake.

Result: Trade closed on Jan. 15 @ 120.14 (+38 pips).

Comments: This was one of my "so-called" impulse trade as I had the gut feel that USD/JPY was trading at too high a level and thus not likely sustainable. In all honesty, I did not even studied the charts carefully and just committed myself to the trade without placing stops (*reminder: do not be a fool next time). Was really lucky to get away with a 38 pips profit on Monday morning as prices trading flat at 120.5+ for the rest of Friday.


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