Did everybody like the start of the week? I think it was beautiful. Crazy moves then reversals. Wow! All JPY crosses as well as dollar pairs . In all honesty, though environment like this is only great if you are on the right side of the moves. Otherwise it is not much fun and can be very dangerous- accounts get wiped out on a day like this one. Back to my trade, the GBP-JPY long position that was opened late on Friday.
My intended target was 191.00, but the price jumped right through it. The open on my platform turned out to be 192.70 and that’s how the broker closed my position. This turned out to be a gain of 215 pips. I’m rather happy with the outcome.
Since the beast is still moving like crazy, I’m going to stick with it and see what happens. I’m still buying.
Now that there was a retracement , I placed a buy order on 15 m charts.
Current order is at 192.10 with a target of 194.00 or so, but if the price keeps falling it will likely be moved down to 190.00.
As much as would like the volatility to remain as is, it will not stay like this for very long. I mean, for how long can the daily ranges be over 600 pips? I think tomorrow I’ll take a look at 4H charts and see if we are building some important bottom here, or is this pair, and other Yen crosses, destined to go much lower.
Mike K.
