Tuesday 22nd June + 39 from early morning breakouts

June has been an interesting month.  Some good moves but also some very sketchy moves (I suppose you could say that about every month!)

This mornings Early Morning Breakouts ended up with the following scores on the doors:

EURUSD – -15

GBPUSD – +15

EURJPY – +11

GBPJPY – +28

I’ll quickly chat about a few of the trades.

GBPJPY

This was the good… yet frustrating trade!

1. Price triggers just above the 147 handle.  I’m always a little wary when entering around BRNs but today was a good move with a solid break down

2.  Once again GBPJPY gets to my final target yet I’m not taken out on the spread.  This has happened about 4-5 times now.  That’s enough to make me look at my target rules for this strat on this currency.  GBPJPY is a challenge due to the spreads which are between 6 & 10 pips on my brokers (who else experiences this?)

3. Looking across the board the inital market moves are stalling so I decided to step aside.  Today that was a good decision as I closed up for +28 points on this trade before it later headed back to my entry point.

GBPUSD

1.  trade triggers and heads south but then puts in a low test reversal bar.  Time to be wary!

2.  I’m not stopped out and price then finally moves down to my B/E point.  It’s about here that markets across the board start to stall on their moves.  Be wary.

3.  Price shows no interest in carrying through with any momentum so I step aside at 1.4734 for +15 points.  Points wise this trade scratches out the EURUSD loss for -15 however that EURUSD trade was half stake size due to my experience / knowledge of how this  strat plays out day by day and currency by currency.

So overall I’m +39 from some early morning breakouts.  This month has seen me be a lot more comfortable with a) re-entering trades and b) leaving early if momentum fails to follow through.  Time will tell how successful that adaption of my style will be.

Until next time, trade well!

FXTrader Paul