ForexSpirit

I came across this quote recently and it has been bubbling to the surface of my mind repeatedly ever since, so I think it is worth making a note of it here:

“The most beautiful thing we can experience is the mysterious. It is the source of all true art and all science. He to whom this emotion is a stranger, who can no longer pause to wonder and stand rapt in awe, is as good as dead: his eyes are closed.”
Albert Einstein

I have been short USD-JPY all week and it has been working out quite well so far, even if it hasn’t exactly been a one-way street. As I come to monitor this currency pair more closely (since I’m actively trading it now) its own personality is certainly coming to the fore. It behaves nothing like EUR-USD; it can certainly be more volatile at times. Hopefully learning all its quirks won’t come at too high a price.

My entries on the currrent USD-JPY short include a Q1 entry at 117.09 and an Anti-Hedge entry at around 117.30. I have held these trades open all week. My target is 114.22.

This morning with price hovering just above 115 I was sorely tempted to close all the trade and take my profits off the table. I faught this urge and instead decided to place a Q3 limit entry at 114.97. This entry has been hit so I’m still all in, as price slowly creeps down (now at 114.71).

At this late stage in the week I think I’m going to hold these positions open and wait to see what comes out of the G7 meeting. There will be a press conference later this evening; not sure if there will be any more tomorrow or Sunday. I’ll have to keep an eye on the business news feeds before the currency markets open again on Sunday. If the rhetoric coming out of the G7 is dollar bullish in any way then I’ll probably bail out of all my trades straight away in the first Asian session of the week.

I hope to post over the weekend and give an update on my EUR-USD trades over the past two weeks as well as more information on the USD-JPY position mentioned above.