USDJPY: closed short at 102.17, -52 pips

USDJPY: closed short at 102.17, -52 pipsFebruary 7, 201414.25 gmtHave decided to close the UJ shorts too.Closed $25/pip short UJ at 102.17, -52 pips.Today’s experience again reinforces some lessons I’ve learned many, many times:1. Never trade fast markets, especially after a big data event like today’s. 9/10 time the prices in the first few minutes are a fake-out.2. It is best to stay out of events like this. I usually would follow this rule but I had to be extra careful due to the long UJ and GJ exposure I still have.Strangely enough its cable that is taking off higher, most other pairs are unsure. The SP500 is up over 1785, which is also strange given the data today. It almost makes one think of conspiracy theories – the SP500 …

via Zen and the Art of FX Trading:

14.25 gmt

Have decided to close the UJ shorts too.

Closed $25/pip short UJ at 102.17, -52 pips.

Today’s experience again reinforces some lessons I’ve learned many, many times:

1. Never trade fast markets, especially after a big data event like today’s. 9/10 time the prices in the first few minutes are a fake-out.

2. It is best to stay out of events like this. I usually would follow this rule but I had to be extra careful due to the long UJ and GJ exposure I still have.

Strangely enough its cable that is taking off higher, most other pairs are unsure. The SP500 is up over 1785, which is also strange given the data today. It almost makes one think of conspiracy theories – the SP500 is being pumped, and with the correlations with yen pairs programmed into the altos, they take care of all other markets.

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USDJPY: closed short at 102.17, -52 pips

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