JasppalKaur's Blog
Going Long on USDCHF
I have decided to go long on USDCHF & GBPCHF. I think that both the currency pairs are poised for a big run upwards. Being at its lowest levels for quite long and there are rumours that people are shifting there money from the USD to the GBP. So it does make sense for such a move.
Short EURUSD
Looking at the developments of the day EURUSD fell from 1.17900 to 1.16700. Now it has risen back to 1.17500. My observation is should starting falling back around 1.17651. So I have placed a pending order for a Short entry with SL around 1.17999. Lets see what happens.
Long USDJPY
I went long on USDJPY just before FOMC minutes but the trade didn't pay off instead 10k was lost just in a few minutes. So it is possible that I may never try to trade just before the news event. All your efforts can be wiped off in just a moment. Let's see what are the opportunities present on Thursday.
Short EURUSD
I have decided to go short on EURUSD even though the pair has already come down quite a bit. The retracement is about 40 pips so the possibilty is that the pair would visit its recent low. My entry is at approx 1.17357 with a SL of 25 pips.
USDJPY Long
Again a Long on USDJPY. Hopefully I am not too late as I have just entered at 109.681. SL is quite tight just in case the trend reverses as the momentum has not yet confirmed its strength. Only in the morning I will decide to move my SL if the trade survives. Next action plan will be decided after that.
Next Week Plan
The plan for this week would be to some how double the current equity. This was exactly the same plan in the beginning of the last week too. So I am one week behind schedule. Lets see if I can get a couple of big trades this week or I have to make more small trades to earn some pips to get me a good ranking.
Training The Mind
Whatever I have understood in Trading is that Winning and Losing is a mind game. Whatever happens does effect your psyche. So its important to react not in the expected way but react by the rules. Never be Greedy. And Never go for Revenge trading. Always keep ur SL in an acceptable range.
Long USDJPY
Todays trade was a long on USDJPY but the mistake that I made was perhaps with the timings. Had I waited for the CPI data may be I would have a good entry. The data was not that bad as the reaction suggested. Still I have kept my trade on hoping that at the end of the day it would give me a good result. I took the risk of extending my SL but now I have placed it at 108.7
Short EURUSD
I have decided to short EURUSD with a pending order Limit @ 1.17716. Although the momentum seems to be bullish still I am tempted to go short because of the earlier fall after NFP data. It seems that its a fifty fifty proposition with my SL at 26 pips its not a bad idea to give a shot who knows that the trend might reverse.
NZDUSD Long
Going long on NZDUSD anticipating that the interest rate decision would be unchanged. Hopefully that has a positive effect on the currency pair. SL is a reasonable one. So let's see what happens this time. I would also check on the people's opinion in the FA contest about this pair vis-a-vis interest rate decision.