Looking back on this week, most of my discretionary trades, at least the ones featured here, were in British Pound. I have been a net buyer of GBP (has a nice ring to it, makes me sound like a big time player) since beginning of the year. At one time or another I was long all liquid Pound crosses, but bulk of my trading has been focused on GBP-JPY, GBP-CHF and EUR-GBP. The “beast” received most attention and this week was no exception. I covered couple of shorter term trades, which had started as longer duration, but were closed earlier. As it happened, instead of having 1-2 trades covering about 1000 pips vertical distance, starting from 151.65, I had a string of them, with similar results. All along my perceived extent of this move was 162-163 area. This level was reached today, with a high of 162.60, followed by couple of hundreds of pips drop. Price has since rebounded back above 162. This has making of possible trend exhaustion, as seen on hourly and 4h charts.  Combined with end of the week and having decent profits I decided to close Pound trades, which happened about an hour ago.
Latest beast trade was described two posts back.

I got out at 162.12 for a little less than 150 pips. One way or the other, I captured most of the pips from the original breakout to target. This was a very good sequence of trades, worth waiting the few weeks which it took to develop. I will be revisiting GBP-JPY in near future.
Another activity in Pound was a GBP-CAD trade from earlier on. This one was closed at the same time.

I was waiting for a breakout at 1.8215, looking for 300 pips. Turned out to be very good trade, which closed for 250 pips gain. For what I know, intended target might still be reached, but I decided to clear the books here. Which brings the last of short term Pound trades, from yesterday,
Rates spiking up.  This one was in GBP-NZD.

This trade didn’t really go anywhere, but I closed it. To be thorough, if for no other reason. This produced few pips. Too tired to comment on this pair more, typical condition of mine at this time of the week.
I must stress that my long term views on Pound pairs are in tact- up. We could see intermediate term correction or consolidation here, which should have no negative impact on prevailing trend. That’s why I left a long term position in GBP-CHF alone. I will have refresh that pair soon, probably next week. All remaining orders form last few days, like EUR-CHF, are cancelled.

Mike K.