Wednesday 22 January 2014

Total massacre...but there is hope!

Hi guys sorry I haven't been active recently on here but I've been a bit busy.

So when I last posted I was long USD/JPY, short FTSE and DAX. It hasn't been a total massacre but I did take small losses on all of them. Overall I am still up in profit from my first FTSE trade so all is well. I attribute those losses to the fact that they were all countertrend trades. I got greedy and tried to win more my trading the corrections as well. Clearly there is still strength here so it is better to approach it from the long side.

Additionally, I have been long GBP/JPY since 17/01/14 and I added to my position on 20/01/14. With the recent  jobs data that came out today, there has been a large spike up in GBP across the board so currently I am profiting nicely from this trade. You can see the chart below:

The green lines show my profit targets. Price is approaching the first target very soon so I will be take off some profit there. The top target is 174.60 which is just below the previous high. I believe that if it passes through the first target strongly then we will see a test of the previous high.

This is it for now. Good luck trading!

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