Trade Results-29th Jan ‘09

POSTED BY Seeni on Jan 30 under Trade Results

Hmmm, somehow our trade setups yesterday didn’t work out. I see the GBP once again defying all fundamentals and even after FOMC, which i thought was THE trigger to set the mindset right, risk aversion somehow is not sitting back in. Yesterday, the GBP climbed little by little all the way till 1.4400-ish area. The double zero resistance level was too strong to push through and after having some ranging moments, it has hit the low of 1.4185 area. It is now trading slightly above 1.4220 area, though without any clear conviction.

So, our fundamentals didn’t quite work out. However, here is the funny part. Around 8pm, SGT, on Wednesday, i had called for the Gbp/Usd and Gbp/Jpy to crash but it didn’t and it went all the way till 1.4380 area before crashing down about 120 pips in just about an hour after NY Open. Yesterday night, i saw the exact same pattern forming again. Classic reversal patterns started appearing and this time i held on till i saw a clear momentum shift.

Therefore, just around 1.4400 area, i shorted both Gbp/Usd and Gbp/Jpy. It did exactly the same thing by tanking once NY opened and it went down for about 160 pips! Not wanting to be too adventurous, i took profit at 1.4280 area. Why this area? Because just like the day before, i was expecting a 120 pips move and it did happen! Exactly the same way. This is no rocket science, sometimes you have to keep trading simple I took 120 pips on both orders. Simple huh?

Once again, those are fundamental trades, so they shan’t be included in my performance. How did we do for yesterday?

1) Gbp/Usd

and for 2) Eur/Usd

Total trade for the day – 29th Jan;
Took 2 – Won 2, Lost 0 – 100%
Profit – 61 pips
Loss – 0 pips
P&L for the day – +61 pips
P&L for the month, Jan 2009 -937 pips

Take care & God bless,
Seeni

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