Another tumultuous day on Wall Street saw the DJIA losing 678 points, closing below the 9000 level for the first time since 2003. This went hand in hand with increased yen strength. The 97 handle was even seen in USD/JPY for a brief period this evening. This also translated to EUR/JPY making new lows. The dollar also benefited and pulled EUR/USD back down slightly.

Today’s first two trades were once again overnight sell limit orders that got triggered and closed out during the London session.

Trade 1
Short EUR/JPY
Entry: 138.55
Exit: 138.46
Pips: +9

Trade 2
Short EUR/USD
Entry: 1.3725
Exit: 1.3715
Pips: +10

Trade 3
Long EUR/USD
Entry: 1.3701
Exit: 1.3709
Pips: +8

Trade 4
Short EUR/JPY
Entry: 137.117
Exit: 137.01
Pips: +10.7

Trade 5
Short EUR/USD
Entry: 1.3695
Exit: 1.3682
Pips: +13

Trade 6
Short EUR/JPY
Entry: 136.46
Exit: 136.377
Pips: +8.3

The second and third trades in EUR/USD today were both based around the 1.37 handle

The last trade of the day (in EUR/JPY) was a breakout, as the previous low from earlier in the day at 136.50 was being breached.

I most likely won’t be making any trades tomorrow as I won’t have internet access. I am also moving house early next week and so there will definitely be no activity on Monday. I’m hoping that by Tuesday I’ll have gotten the essentials unpacked and there will be net access up and running in the new abode.

Trade 1
Short EUR/USD
Entry: 1.3658
Exit: 1.3640
Pips: +18

Trade 2
Short GBP/USD
Entry: 1.7625
Exit: 1.7613
Pips: +12

Trade 3
Short EUR/JPY
Entry: 136.307
Exit: 136.193
Pips: +11.4

Trade 4
Short EUR/JPY
Entry: 136.526
Exit: 136.41
Pips: +11.6

Trade 5
Buy EUR/USD
Entry: 1.3689
Exit: 1.3695
Pips: +6

On my second GBP/USD trade of the day I hit the close button when I was 5 pips in profit. Unfortunately I was filled for a one pip loss. The markets were certainly moving today and it was very common to see multiple pip moves all over the place.

Trade 6
Short GBP/USD
Entry: 1.7312
Exit: 1.7313
Pips: -1

Trade 7
Short EUR/JPY
Entry: 136.289
Exit: 136.198
Pips: +9.1

Trade 8
Short GBP/USD
Entry: 1.7304
Exit: 1.7293
Pips: +11

Trade 9
Short EUR/USD
Entry: 1.3725
Exit: 1.3715
Pips: +10

Daily total: +88.1 pips

Today’s coordinated rate cut by the Fed, ECB, BOE and Swiss central bank resulted in a slightly positive bias for the euro over the early part of the day. Dollar strength returned after lunch during the New York session and it will be interesting to see if it picks up more or if we get a decent euro rally of some sort.

Sterling got crushed today as the British government partially nationalised all its big banks.

All three EUR/JPY trades today were continuation plays. The first and third trades were based on price gunning for 136.00, while the second was when price was looking to test 136.50. Yen strength is very much in play, although USD/JPY is tightly wound around the 100 handle for now.