Week came to an end with furious trading. Well, I was out of most positions mentioned late Thursday night my time, but remained active until about 2 hours ago with positions an smaller order of magnitude charts. Before I get to that, though, a moment of reflection. This never ending torrent of bad news brought one more depressing announcement. Circuit City stated that it is going out of business and will be closing all its stores. 30,000 people will be out of work. I was saddened by this news, because of very found memories of shopping in the store near by. Over the years I have made many purchases there and always liked shopping experience. It has been a fixture in my neighborhood for a long time. I’m really sorry to see it go…
After taking small losses early in the week and waiting for Yen weakness I finally got really busy yesterday. In fact, so many trades were taken at roughly the same, that I had to spread them across few different accounts. I’ll cover briefly the trades remarked on in “Rough day” but positions were established in all JPY crosses and scores of others.
GBP-CHF presented a buying opportunity at 1.6420.
Initial breakout was a little jittery, but then the price moved. I liked what I saw so much that at the intended target of 1.6570 only half position was closed and the rest was held for another 100 pips. I also like the following drop in price, because this should present another buying opportunity soon.
AUD-CAD was also briefly mentioned in that post. Here is what happened.
These trades were intended to be entered in reverse sequence, but I screwed something up and this is the way things turned out. Outcome was not as good as the one above, but if all my trades produced these results, I’d be happy camper.
Couple of other ideas I floated in “Rough day” had to do with entering longs in NZD-JPY and EUR-JPY. They were done at the market, followed by breakout trades.
Both positions started shaky, but eventually found bottom(at least for now) and went my way. Ultimate outcome was good. I’m glad it’s Friday and it’s over for now. Time recharge batteries.
Tomorrow, time permitting, I’ll pull up of the others Yen trades and go over it in details. I know that trade had not been featured before it happened, but couple of people might find it interesting under magnifying glass.
I also took this trade and managed to hold on to it longrt. About 30 pips higher than you. Great trade, real confidence builder. Thank you.
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This is very good. Congrats.
I trade stocks, or at least try to, so I pay attention to news like the one regarding Circuit City. You are right, seems no end to negativity of it all. And this one is big, 30,000 people. Media claims more companies, big ones, could go bankrupt. Makes you think: will I be next?
I recently came across your blog and have been reading along. I thought I would leave my first comment. I don’t know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
Betty
http://www.my-foreclosures.info
This is a lot of trades and a reason why you use multiple accounts. What is the maximum number of trades you are willing to have in a single account?
Even with the small leverage I use for this type of trades, maximum trades in one account will be 7-8. I took a lot of trades in JPY pairs, all of them. If I was wrong, a single account would take a large hit. Spreading it around, adverse effect on any one single account would be small and manageable.
This is a lot of trades, man. I don’t know how you manage it all. When I have 2-3 that’s enough. But I guess it works for you.
I trade for a living, so all my time can be devoted to this. One should stick to what can be done within constrains of time, money and emotional tolerance. If you can’t manage more there 2-3 trades at a time, there is nothing wrong with it.