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Dec 15

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10 Sleeps to Santa and 30pips on GBPJPY

Brrrrrrrrrr, the Artic winds they promised us are starting to bite in my trading room. Another cup of tea required. A great tip for traders is to jump up and down regularly and make out like a penguin ! For those blog readers in Malaysia – I wish I was there !

Lots of movement this morning on the USD Majors, but didn’t take them as the price was already quite well extended from the Daily Pivot so not as high probability as I would have liked

Still, at 11:15 I saw a nice trade potential on GBPJPY – why oh why. I hate this pair – crappy spreads and acts like a drunk so often. Not like you have an option when your setup occurs though (you can’t choose your family they say). It was a little bounce off the Daily Pivot providing a good stop of 35 pips and I took the price when it broke below the recent low of 131.70 (minus spread). Trade moved well and I was taken for  1:1 at 131.30. which I had as a key price and expecting some significant pull back from this price. The pull back never happened and as I write the price has touched 131.05…..coulda shoulda woulda. Had it been EURUSD I would have had more confidence to take a little and see what happens – not on this stupid Yen pair though !

Boring 2D Trade pic:

30pips on Bad Value GBPJPY

all the best

Jimmy

ps – No trading for me tomorrow. Speaking at a council meeting opposing the application to have a sex shop in the village!  Back Friday

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Permanent link to this article: http://intradayforextrading.co.uk/2010/12/15/10-sleeps-to-santa-and-30pips-on-gbpjpy/

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