November 20 – EURUSD +48 PIPS

November 20, 2009

FX Trading

It’s been a fantastic trading day for the 3 amigos today, the trades of the day are everywhere.

Trades on the Yen crosses have really done well today, GBPJPY has been a beauty for me today. The thing I have found with GBPJPY is that if you get your entry right it can really deliver the pips, you get your entry wrong then it is very unforgiving – it will kill your trade swiftly but not painlessly.

This journal is the continuation of the EURUSD divergence (see diary note for week beginning 9th November for details).

I have a short bias towards this pair at the moment and this morning it gave me a nice low risk entry point with the potential for at least a 2:1 reward risk ratio.

 

 

Entry price for the trade was 1.4916 stop loss 1.4926. Just a 10 pip risk. Initial target was 1.4896. This little belter was originally going to be a smash and grab trade.

Finally exited the position at 1.4868 which gave me a final reward risk of 5:1 on the trade. I would love to say that I got out after that final big red bar but I didn’t. My trade got caught in the nasty piece of congestion following the fall and I exited when the price retraced to one of my moving averages.

Job done .

 

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