Currencies

Retail Sales in March (YoY) in Eurozone are down more than expected but EUR still manages to hold to the gains.

Thought I’d make a killing there but as things stand it doesn’t seem to be the case.

Still have a EUR/USD position (short)… sold at 1.4868 with stop loss at 1.4891 and limit stop at 1.47.91. Most like I’ll close the position shortly if there’s no significant movement.

This week has shown some volatility in forex and indices. It would be a crime not to take advantage of the markets.

It seems to me that I will have quite a few trades today.

1. Sold EUR/USD at 1.4512 with stop loss at 1.4533 with limit stop at 1.4450. If the stop loss hits I will keep going short and re-enter at 1.4512.

2. Bought FTSE100 at 5,989 with stop loss at 5,979. Once again I will keep re-entering the market at 5,986 if my stop loss hits.

3. Ordered to go short on GBP/USD at 1.6363 if it goes above 1.6375.

You can see for yourself how successful my trades will be today as I will keep re-entering the markets.

It was a busy day today (Monday, 11 April). Had 5 trades today… I think it’s the biggest amount of trades I’ve ever had in one day.

It wan’t a very successful day and I ended up in the negative territory, I think I overtraded as I exited short trades on the Dow and GBP/USD too early.

Here’s the summary:

1. Sold GBP/USD at 1.6382 but stop loss kicked in at 1.6409.

2. Sold Dow at 12,426 but once again, the stop loss kicked in at 12,440.

3. Sold GBP/USED again at 1.6400 but unfortunately, I exited too early.

4. Sold the Dow again at 12,431 but again exited the trade too early at 12,410.

5. Finally, it was the worst move as I traded oil, tried to buy oil at 109.47 and stop loss hit at 109.47.

After careful consideration I decided to go with two trades:

1. Go long on GBP/USD after the disappointing Industrial Production figures. Bought at 1.6285 (stop loss at 1.6245), I think it will be difficult for anybody to go short there as no-one will want to be caught my BoE’s decision tomorrow.

2. Short on US Crude. Sold at 108.48 (stop loss at 109). The sell was mainly due to overbought status of oil and I expect some volatility before the US oil report.

One problem I have now is the exit points… I’m really confused with them and the idea is to exit oil before the announcement and when it’s even on the day. As for the GBP/USD I recon it might test the resistance level at 1.6400 again before the BoE announcement.

Unrest in Lybia and tsunami in Japan didn’t help and I tried to stay away from trading during these events. It’s too easy to lose a lot in a matter of hours during high volatility.

But at last I’m back.

Two small trades today as the market is a bit subdued.

1. GBP/USD bought at 1.5980 with stop loss at 1.5960. Unfortunately, I hit my stop loss even though GBP recovered. -20 points.

2. US30 sold at 12,268 with stop loss at 12,299. This time everything went according to plan and closed the position at 12,241.9. Profit of 26.1 points.