Cyclopip

Do’h. I guess I was a bit too late in playing the range. In hindsight, I should’ve realized that I was going for a fourth bounce…

Unfortunately, my long EURJPY trade got stopped out at 124.35 yesterday. Prior to that, the price broke above the psychological 125.00 mark only to fall back after credit woes in the euro zone resurfaced.

It looks like I was too aggressive with this one, shorting way too early, and placing my stop too tight. Do’h!

With the euro posting some gains over the past couple of days, it looks like I missed out… Again!

The 50.0% Fibonacci and the trend line held pretty nicely, as the pair bounced higher and I was able to ride the intra-day trend. Unfortunately for me, the move wasn’t sustained, topping out near the 83.00 handle.

D’oh! The bearish pennant chart pattern I’ve been watching with my one good eye indeed broke out last week… but to the upside! Needless to say, my short entry order failed to trigger when the pair rallied upside.

I got left behind on this trade, as the yen rallied early in the Asian session yesterday. I can’t even say that I was close to being triggered, as the pair only went as high as 35 pips away from my entry point.

Unfortunately, price was unable to retrace back to my desired entry point. In retrospect, I should have gone long on the break of the bullish flag for a quick day trade.

Bahhh! Things didn’t work out too well for me as risk appetite was back in style yesterday. Time to close my trade ahead of the inflation report!

Argh! The EURJPY pair climbed only until 126.98, missing my entry order at 127.00 by 2 measly pips.