And what a week to kick off with! There’s a lot happening in the markets at the moment, with many pairs continuing their established trends, but thrashing around while doing so, offering very little in the way of clear entry points. It’s more volatile that I was hoping for to be honest, and so for the most part I’ve been more of an observer this week.  First trading days of the year, followed by NFP data on Friday, meant this was no place for the novice.

I did make a few pips selling the EUR/JPY, but was guilty of cashing out too early on this one. The price had reached a significant level of support which it hadn’t broken since February 2015.  In anticipation of a pull back, I cashed out when it started to reverse off the mark, and set another pending order below the level.  This was swiftly taken out by a false break, and the price eventually moved back beyond where my original stop loss had been. So in practice, I ended up with +66 pips, where I should have taken a loss of 30.  Not bad you might be thinking?  Not really.  In this particular instance I’ve benefited, but in the long run, that kind of short-term thinking will make it impossible to capture the big moves, which is what my trading is all about.