Just a quick update about trades mentioned yesterday. Trade in GBP-AUD didn’t happen, as things went even more sour for the pound and price took a nose dive. Seems like sterling has some terrible disease and everybody wants to get as faraway from it as possible. When everything is doom and gloom, it usually is a sign of bottom forming. I’ll leave that for some other time.
My other trade, CAD-JPY worked out O.K.
Price was moving slowly, relative to most recent swings, so I decided to close the trade at 78.30 or 100 pips gain. This was at the lower end of my expectations for this trade, but still I’m rather happy with the timing. Following decline, which lasted only an hour, would have shaken me out of it, before this substantial rally happened. And no, I didn’t get back in. This trade was over, and for the time I don’t have interest in CAD-JPY. Some pips were taken on my usual GBP-JPY long trades. Speaking of the beast, tomorrow I’ll post Friday’s trades in GBP-JPY.
G 20 meeting is taking place in Washington this weekend. With this in mind it should not be a surprise if Friday is rather quiet, as players await news and possible governments intervention in markets. Opening on Sunday, though, might be wild….
One more thought about GBP-JPY- we just might have seen the bottom today. More on the subject over the weekend.
Mike K.
I’m really interested in your opinion on GBP-JPY, guess I have to wait for weekend…You’ve had really good week, at least the trades here in the blog, while most of the traders I’m in touch with are having hard time. Congratulations!
Well, thank you. Yes, it has been a dcent week for me, but in general trading conditions are difficult.For some people it might be best to take couple weeks off trading.
I myself keep trading, with mixed results. I feel like these are extreme conditions and if I survive this, I should be doing much better few months down the road. I’m already much more comfortable than just 2-3 weeks ago.
That’s great! Experience is best teacher. Yoy might want to lower your position size, just in case. There is no need to risk too much money, as percentage of your total capital. While trading is never truly predictable, you are right, these are unusual times.