World Clocks

Thursday, September 11, 2008

Sept 10-11 Short at the 38


  • Shorted at the 38% level with stop just above the 50%
  • Entered at the breakout and first bear candle around 107.58 exited @ 107.07 for a +51 pips gain.
  • The USD/JPY has been on a downtrend. The only USD major that has been weak, while Euro and Pound have been on a freefall. Most of the commodity currencies have been pumelled by the Dollar.
  • Was not the best pair to trade, but trend was read correctly & confirmed by price action and fibs.
  • There is further downside to this pair, but will avoid buying.
  • Will possibly sell the next rally again if risk is right and can pick up a tight stop.
Posted by Seaducer67 at 5:42 AM

0 comments:

Post a Comment

Subscribe to: Post Comments (Atom)

Disclaimer

Foreign exchange transactions carry a high degree of risk and any transaction involving currencies is exposed to, among other things, changes in a country's political condition, economic climate, acts of nature - all of which may substantially affect the price or availability of a given currency.

Speculative trading in the foreign exchange market is a challenging prospect with above average risk. You must therefore carefully consider your investment objectives, level of experience and appetite for such risk prior to entering this market. Most importantly, do not invest money that you are not in a position to lose.