Tuesday, December 22, 2009

USDJPY - Attempts

As mentioned I am looking at this one very carefully to be able to build a longer term short position. This one is a bit tricky since the majority of my FX trades had been based on more shorter term positions. I had made quite a few attempts in the first few weeks of my FX world a few months ago but not successfully.

At this point I am trying it again, a bit different though. This one is actually a very nice setup. I tried short yesterday towards the close as the 60min had a barrier it could not get passed, stop was rather tight on this one as we still had a bit more risk at another jump higher (thanks USD).

We are seeing the same pattern again today, first spike to mark the high and a few unsuccessful attempts to break through. Its nice since it allows you to build a position at the edge of the range with a tight stop. This time around the position is split with a tight stop again above the range and one thats a bit further away (while I sleep things happen you know).

Just for reference, here is my last long term attempt on this one ...

Got a nice short close to the top (blue line) and stopped out right at the top (red line). Not going to let this happen again this time around.

Again, I will be making quite a large "2010 start" post with a lot of focus on FX. One can say this has been my new "playground" with very little capital exposed and surprisingly quite a nice amount of gains.

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