fxsurprise8's Blog

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Betting on Yen Reversal

I bet on a reversal in the Yen pairs today. I picked the GBP/JPY as my target because this pair lost the most in pips terms, close to 400. I longed the pair at 185.17 and I'm currently up 25 pips. A second factor why I chose this pair is UK fundamentals are strong compared to the Eurozone and the Yen is still being QE-ed by the BOJ.
Aside from this trade, I took two others in the early part of the session, a EUR/US short, stopped out for 3 pips and a EUR/JPY short stopped for 9 pips. Overall a g…
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The Pound Gang Rides Into Town

The top 10 changed completely since yesterday. The likely cause was the massive volatility in the Pound, especially after a near 200 pips spike on the exit poll after the election. I assume a lot of traders had open GBP longs that gained on this event.
I unfortunetely missed this spike but I managed to set up some Pound longs in its aftermath. Later in the night, the election results actually came in better then expected and the conservatives are now expected to be just 1 seat short of a majorit…
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The conservatives just secured a majority of 326 seats. A small correction to above, EUR/GBP SHORT +48 PIPS.

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Loading up on Anti-Yen

I added more trades to my anti-Yen position. A went long the EUR/JPY at 148.00 and the GBP/JPY at 184.55. These positions are now up 11 and 70 pips respectively. My larger USD/JPY long is up +73 pips.
The mid-day Yen rally sapped a lot of my profits but I'm sticking with my trades for now. I may reevaluate if we get a down day tomorrow however. The early Japanese elections and the delay of the sales tax hike should continue to weigh on the Yen.
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Mixed Results Betting on Yen Strength

I had mixed results betting on Yen strength yesterday. My EUR/JPY and GBP/JPY shorts are up around 20 pips but my USD/JPY short is down 90 pips. Clearly this means that the fall in EUR/JPY and GBP/JPY was the result of EUR/GBP weakness and not Yen strenght.
I am sticking with my view but I will not initiate any new positions going into today's NFP data.I will likely tighten my stoplosses as we get closer to the release time. I've had bad experiences trading the US Jobs data in the past so I will…
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Geppy to Overcome Headwinds

It has been a fantastic 3 years for the GBP/JPY. The currency pair has advanced over 5,500 pips since reaching a swing low of 116.82 in September of 2011. But as indicated by the chart below, the momentum upward has stopped at the 175 figure.
However, the constant pushing of prices on this resistance leads me to believe that the Geppy will overcome the headwinds and finally break above 175 this summer. I'm targeting 179, the first resistance after 175 gives way. This was the swing low for the GB…
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Original post!

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