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.

For more info: USDJPY: closed short at 102.17, -52 pips

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USDJPY: closed short at 102.17, -52 pips

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SP500 – closed long

SP500 – closed longFebruary 5, 201416.11 gmtI am not liking the action in the SP500 so have taken it on the chin and cut my loss.Closed SP500 long at 1740.23, -12.7 pts or -127 pips.I have not researched my system on SP500 in as much depth as I have researched it for the major FX pairs. Hence I am less confident trading the SP500. When I get time in the future I will do a deep study of the SP500.For now I think I shall stay out unless I get a clear, strong system signal or unless UJ collapses and I have to hedge. Which is a possibility if SP500 collapses, the correlation is very tight.About these adsShare this:Email Facebook Google Related From → Trades

via Zen and the Art of FX Trading:

16.11 gmt

I am not liking the action in the SP500 so have taken it on the chin and cut my loss.

Closed SP500 long at 1740.23, -12.7 pts or -127 pips.

I have not researched my system on SP500 in as much depth as I have researched it for the major FX pairs. Hence I am less confident trading the SP500. When I get time in the future I will do a deep study of the SP500.

For now I think I shall stay out unless I get a clear, strong system signal or unless UJ collapses and I have to hedge. Which is a possibility if SP500 collapses, the correlation is very tight.

For more info: SP500 – closed long

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SP500 – closed long

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