The GBP/JPY trade that I shorted early Friday hit its profit target overnight of 140.73 (nice profit there of over 300 pips). I shorted it again at 142.14 when I woke up this morning based on Fib calculations. Here are the trades.
I’m also short the Euro from the sell order that was triggered last Friday at 1.4712 and have moved my stop to 20 pips profit if taken out. It’s at 78 pips as I write this. My analysis over the weekend still supports this short. If I see another push up in the Euro taking out this short I’ll sell again at the higher levels as long as my price analysis at that time holds. Always be in the moment with the markets. Even though I usually decide on a price in advance that I’ll take action on, I always take another quick look at market behavior at the moment I decide to trade.
Last Friday I also went long the pound at 1.5987. Long was obviously wrong. I also wrote that I had a tight stop on it. The pair reached a high of 1.6029 and I moved my stop to breakeven. It took it out not long after that so no real loss. This morning I shorted the pound at 1.59 and have already moved my stop to break even. I should have shorted when it took out my stop but this is not the time or place for self-flagellation.
None of the above is a trade recommendation of course. Remember that trading involves substantial risk.
© Dianne Fecteau, 2009. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.