Short USDJPY @ 118.63

Entry: (2006.02.22 14:22 GMT)
The pair was trading just under the 118.68 pivot point for today up until about five hours ago when it crossed upwards and spent a little time above the pivot. Now it has dropped back underneath and with the 9, 14 and 50 MAs lined up and the MACD agreeing, I am opening a short position expecting the price to move lower and challenge the first level of support below the pivot. I have placed my S/L just above the pivot at 118.73 and expect to take profits at 118.42

Exit: Hmmm... I think my stop was a little too tight: my trade got stopped out before I completed this entry. See the point about margins in another recent post. Immediately after stopping me out, the price continued to drop. Lesson learned: loosen the damn stops!

Addendum: Arrrgh! How frustrating - it's like trader's remorse only worse, because you know you were in there and now you're not! The price dropped below the 118.38 first resistance level in the 20 minutes following my stop-out. If I had set my stop to be 5 pips looser, I would have been profitable in this trade: the perils of tight S/L trading!

-10 pips