Hi guys!!

So it was nice to be back teaching last night. i did enjoy my time with the students. :). for those who came, i thank you so much!!. in the class, i did mention that u should practice to draw trendlines and trade them. so here is what happened last night. after i reached home, i quickly checked my trades on gbp/jpy. (i will cover this gbp/jpy trade in the next post). after i closed the trade, i drew some support, resistance and trendlines. after i drew the trendlines, i managed to spot a very good downward channel! so i decided to trade this gbp/jpy pair. so here is how i managed the trade after i placed the trade at around 132.7.

• my initial 1st target was to make just no more than 30 pips.
• but then, i decided that i could more from this trade because after the US market opened for two hours, the pair failed to retrace by more than 50% in which i assume that there is potential for this pair to move down further.
• the equity was quite bearish which is good for this trade.
• my risk is that later in the day (late US market session), Mr Bernanke will make some remarks on the market. so i have a big guy standing on my way!
• at point no 2 on the chart above is d last major support that became resistance in the day. so my stop loss will be higher than this level.
• at point no 3 will be my realistic profit target.
• as i closely monitoring the trade, i fell asleep in front of my computer! due to tiredness i guess. durgh!
• as i woke up, the market had reacted after Bernanke comments. good for me!
• after i closed some of the positions at 90 pips or so (remember, don't be greedy!), i took out 4 hour chart and i found a major support at 131.3 (check this on your own).before i continue my sleep i decided to put profit limit at 131.00 in case the asian traders react badly.
• as i am writing this post, they are reacting badly! and i hit my limit at 131.00. $$$$$

i hope u will learn something and i welcome any comments!

p/s : that is why i love teaching. each time after i had a tutorial class, surely i will make some money. so guys, don't forget to teach your peers or anyone that is close to u. what goes around comes around!