FNTP: EUR/JPY, 118.20 is the level (long/short)
"From Noob To Pro"-series: We're reaching a key support line, depending on what the price does it will go down a few levels (breaks). When it bounces, it will go up to to 123 over a few days.
Trade active:
Went short when it dropped below 118.20
But soon after it went up again and I had the feeling it would break back above the support, triggering my stop; but eventually it started dropping.
Then, my trailing stop kicked in too soon (I made it too tight).
Made a bit profit, but not the amount I expected. +0.0220 BTC (converted).
Also, It didn't drop to 116.40 as I forsaw. It only went to 117.40 and bounced back. Good to know, there's probably a hidden key support there.
If you're wondering why I express my profits in BTC (Bitcoin). I'm using 1Broker to trade my bitcoins on multiple Forex markets. If you want to follow me, or copy my trades, sign up here: 1broker.com/?r=17598
So lessons learned:
- don't put stops too tight
- be more confident when a support breaks
- look for hidden (smaller) supports
But soon after it went up again and I had the feeling it would break back above the support, triggering my stop; but eventually it started dropping.
Then, my trailing stop kicked in too soon (I made it too tight).
Made a bit profit, but not the amount I expected. +0.0220 BTC (converted).
Also, It didn't drop to 116.40 as I forsaw. It only went to 117.40 and bounced back. Good to know, there's probably a hidden key support there.
If you're wondering why I express my profits in BTC (Bitcoin). I'm using 1Broker to trade my bitcoins on multiple Forex markets. If you want to follow me, or copy my trades, sign up here: 1broker.com/?r=17598
So lessons learned:
- don't put stops too tight
- be more confident when a support breaks
- look for hidden (smaller) supports
Trade closed manually