Fibonacci course completed.

Last night I stayed up as I finally got a hold of what the Fibonacci reports are. And as I installed it on my GBP/JPY chart, I went in the zone. Any FOREX trader knows that GBP/JPY can be extremely tricky and burn you to hell in a snap of the finger.

But I was in the zone and the Fibo report I had calculated was perfectly accurate. So as everyone was awaiting for that pair to finally drop around 239.00, it started going down fast. But to the naked eye, we could clearly see that after breaking a small resistance it was losing steam and was not breaking that second resistance line. As soon as GBP/JPY touched 239.69, the second resistance line, a strong buy was a gutsy but an accurate move. I didn't have a lot of margin left but took the bet anyway with a neglectable quantity. Well, I was right and the Fibo report wasn't lying...it shooted up, then a bit more, stayed stable for quite some time, taking some more steam. Shooting up in the surroundings of 241.45 a few minutes later.

At this very point I sold my long position I had taken. I was tired, but learned a good lesson. Looking at the +175 pip gain I have just dug out I said: ''Wow, so this is how Fibo reports works...''
:D

I have been live trading for close to 2 months and I doubled my initial account size. I really am glad of my performances. I do not break records but am getting the job done. I really am looking for some more reading as there are aspects that I still am not aware of.

P.S. Every FOREX trade can be dangerous. Never invest money you cannot afford to lose.