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Saturday, 10 April 2010

Saturday morning sunshine....

Well I don't actually believe it. The sun is shinning again in Manchester on this lovely Saturday morning. Unbelievable!

Just doing a quick update on how the two trades from yesterday faired by the end of play.

EURUSD


Well this pretty much did as expected and then some more. At the start of the morning I thought there would be no way that price could get back up to 1.35 by the end of yesterday, and looka at the chart. I was wrong! but a happy wrong. Due to it being a Friday and the time of day trading in the UK, I managed the last part of my trade to eventually close out at 1.3480, which was the second target. That happened at around 3:30pm. I didn't want to be watching my chart late into a Friday evening, so this was perfect for me.

An early finish for the weekend as this was my only trade from yesterday.

EURJPY


The EURJPY trade was a left over from Thursday. Again this pair has done far more than I had anticipated. Based on my TA, I had decided the most likely scenario was for price to move up towards the 61% fib or 125.00 price zone and stall for a while, or at least for the rest of the day yesterday.

So based of that I had removed 2/3rds of my position at first target, and was letting the last third run, just in case price decided to carry on going with out stopping at 125.00. Which with hindsight is exactly what happened. Again due to the fact it was Friday and it was late afternoon, I made a decision to manage the last part of the trade to the second target at 125.30, which triggered at around 3:30 GMT.

So that was my day yesterday. Actually a nice end to the week. If we ignore Thursday and my emotional mistakes, it would have ended up a positive week. Just.

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