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Posted on December 8th, 2009 by James Alliss.
Categories: Forex.
I’ve had a busy couple of days so didn’t manage to update the Blog. Friday saw a very strong NFP result causing a huge surge in USD buying.
I decided to short GBP/JPY @ 147.00 prior to the release as I liked the huge amount of resistance at this level. Despite the GBP falling through the floor, the Yen crosses took a shot at the moon causing my GBP/JPY trade to rise instead of fall.
I had to endure around 220 pips of drawdown on Friday but was confident that the trade had solid foundations so kept the position open over the weekend. Immediately on Monday the pair took a dive back down as I’d hoped and today I closed it for a profit of +309 pips.
GBP/USD has reached a key support level @ 1.6250 and rebounded. Whether this rebound has legs or whether it’s coming back down I don’t know yet. The overall trend is clearly down so I will be looking at short trades. My optimal entry level for a short trade is 1.6550 but lets see what the market shows.
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James.
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