Friday 4 September 2009

Message 42

My GBP/JPY trade is still in play and I'm letting it play itself out. The Euro has moved up slightly so still hoping to short at or above 1.4300.

The other two potential trades can be seen in the charts below.

I wouldn't take all trades unless I only risked 1% per trade as there is too much correlation with USD / JPY which tend to move together in times of risk aversion. We also have the Non-Farms Jobs data which is potentially one ofte biggest market movers, so I do not want lots of trades open at this time as spikes can easily take out stop losses. However, if th news causes USD strength / weakness across the board then I'll be riding this for a few pips.