Posts Tagged currency trading
I closed my USDJPY long for +3 as I got nervous about it....this turned out to be the correct thing to do! Phew!
Anyway, I noticed that the GBPJPY got stuck in a short term range, 14400 and 14373 so when it got near 14400 I shorted it.. not only was this the top of the range but it was near a whole number.. whole numbers usually form a good support/resistance so I went for it... it didn't look too good a few minutes into my trade and I had my stop at 14420. The spread with the GBPJPY is 10
April 23, 2009
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I went long the USDJPY at 9796 as it seemed to have moved beyond the short term negative bias. You can see the trendlines I have drawn in. However, the GBPJPY and EURJPY have really shot ahead.. I am just about 10 pips up but if I had made the trend with the GBPJPY or EURJPY, it would be up by 50 and 40 pips respectly. It means I chose the weakest of the Yen pairs but also the less volatile. The profit potential for the first leg up isn't great, just 25 pips at around 9822 but there you are..
April 23, 2009
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I also went long the EURJPY at 134.98 and it is currently 20 points or so up. I got as high as 135.56 (almost 60 points) but has eased off somewhat now. I have moved the stop to break even and still hanging out for a take profit at 136.20.. let's see how it goes!
April 6, 2009
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