Opening on Sunday was a as volatility as last week, but later on things quieted down a little bit. Not all crosses, but some did. Still, JPY pairs had some day and the “commodity currencies” regained some ground. So did the Pound. First things first. I started the day with long EUR-JPY.

Things were a little tricky. On this platform price opened above 136.50, my intended entry. Thankfully. almost immediately price retraced and I was in. Got out at 137.15, for 65 pips gain. As I noted in previous post, a switch was made to GBP-JPY once it became apparent that GBP is stronger than Euro. Yen showed some teeth and made another run, after which my trade happened.

This trade netted hundred pips. I’m a little disssapointed with myself, I should have made one more trade later on. There is nothing to complain about, however. I also initiated a longer term trade in GBP-USD.
Tomorrow I will cover EUR-AUD, where I’m looking for downside moves, as well as more GBP-JPY where, once again, I’ll be seeking short term charts based upside moves. As I’m writing this, more information is being released on the government bailout plan, so expect a lot of “expert” commentary and probably conflicting opinions.

Mike K.