Difficult trading week came to an end. Friday turned out to be eventful, with fairly strong moves. Canadian Dollar once made a push, but then reversed late in the day. I stayed away form CAD pairs, because, well, I’ve been misreading it all most of the week, with the exception of one small GBP-CAD trade.  Outside of that, all other orders involving CAD didn’t happen and are now cancelled. So, for Friday I left it alone, which proved to be correct decision.

The strangest trade of the week must have been GBP-CHF, which I also mentioned yesterday. Trade almost reached my objective, within about 10 pips. Very often when that happens, I simply exit position at the close of hourly candle (or whatever time frame chart was used) right after price almost reached the objective. Not this time, and shortly after market collapsed on SNB board member comments. price moved too fast to really do anything, so I waited for a rebound to see what happens.

The rebound was pathetic and reached only the middle of large candlestick during which original sell off happened. That proved to be sufficient resistance for the rally to stall and I closed the trade for 16 pips loss. Good timing too, as Pound came under more pressure for the rest of the day. All said, position which at some point had been 90 pips in profit, became a losing one. One of the risks of using fairly wide stops, as I do for most trades featured here. Not all, but most

Trade in EUR-JPY suggested in last post brought only marginal gains. I was hoping for a rebound to about 123.75, where a short entry was planned, but that didn’t happen. In the end this pair was sold on a move under 122.60 and trade closed at the end of trading day. For me it is 15:00 EST, at the latest. All said, it made 14 pips. Surprisingly, weak EUR held rather firm ground here, not falling by much. Other JPY pairs moved more.

For the beast, I placed a sell order at 138.30, should the price get close to that minor high. Stop and reverse order was set at 138.55. As mentioned yesterday, my bias for JPY crosses was down, but more than anything I expected simply a strong move. Should that happen to the upside, the stop and reverse order would have to me in play. Another sell order was positioned at 136.95, and that’s the one which was triggered. Just like EUR-JPY, I held it to the end of my trading, for 100+ pips.

For Aussie-Yen I had a similar set up, only this time price hit previous high and triggered that sell order. Stop and reverse contingency was also in place here, but proved unnecessary. Transaction worked out as planned, for once, and made 59 pips, about the extent of this move. Altogether, an OK finish to otherwise unimpressive week. At least the losses were small, especially CAD-CHF and GBP-CHF trades could have been far worse, and were offset by mostly small gains. Rather difficult trading environment, with a lot of indecision in the air. Hope it changes soon.

Mike K.