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Here I'm going to give my explanation of my latest trades:
Currency Pair: EUR/JPY
Side: Long
Amount: 5Mill
Time Frame: 4h
Open Price: 136.66
Close Price: 136.983
PnL: +32pips
Open date: 06.08.2014 13:41:06
Close Date: 07.08.2014 05:16:52
Reasons Behind the trade: This trade was based pure on technicals, simply support and resistance levels on an intraday levels. But also on correlations as well as EUR/USD price action looks very oversold so I was expecting a short squeeze and this will drag EUR/JPY up as well.
In Figure 1 you can see how at first retest of support level we failed to break below and this was my signal to enter long and also my TP level was not right at resistance level but few pips below because I need to have this margins as not all the time the market hit this levels.
Currency Pair: GBP/JPY
Side: Short
Amount: 5Mill
Time Frame: 1h
Open Price: 171.6615
Close Price: 171.096
PnL: +57pips
Open date: 08.08.2014 00:50:19
Close Date: 08.08.2014 02:00:01
Reasons Behind the trade: Risk in the market remains elevate by current Russia-Ukraine conflict on the one hand and USA&EU vs Russia sanctions which can posses a threat to general Risk Aversion theme. In this regard I was expecting general YEN inflows but on the other hand the technicals also where suggesting further downside for GBP/JPY as we already broke down several support levels and established a downtrend so it was safe to trade it on the short side.
In Figure 2 you can see current price structure around my entry point it was also a pre-entry of an anticipation for the market to break below last swing low.
Best Regards,
Daytrader21
Currency Pair: EUR/JPY
Side: Long
Amount: 5Mill
Time Frame: 4h
Open Price: 136.66
Close Price: 136.983
PnL: +32pips
Open date: 06.08.2014 13:41:06
Close Date: 07.08.2014 05:16:52
Reasons Behind the trade: This trade was based pure on technicals, simply support and resistance levels on an intraday levels. But also on correlations as well as EUR/USD price action looks very oversold so I was expecting a short squeeze and this will drag EUR/JPY up as well.
In Figure 1 you can see how at first retest of support level we failed to break below and this was my signal to enter long and also my TP level was not right at resistance level but few pips below because I need to have this margins as not all the time the market hit this levels.
Figure 1. EUR/JPY 4h Chart
My second trade was shorting GBP/JPY on the premise of increased geopolitical risk which can elevate the market risk and the possibility of Risk Aversion.Currency Pair: GBP/JPY
Side: Short
Amount: 5Mill
Time Frame: 1h
Open Price: 171.6615
Close Price: 171.096
PnL: +57pips
Open date: 08.08.2014 00:50:19
Close Date: 08.08.2014 02:00:01
Reasons Behind the trade: Risk in the market remains elevate by current Russia-Ukraine conflict on the one hand and USA&EU vs Russia sanctions which can posses a threat to general Risk Aversion theme. In this regard I was expecting general YEN inflows but on the other hand the technicals also where suggesting further downside for GBP/JPY as we already broke down several support levels and established a downtrend so it was safe to trade it on the short side.
In Figure 2 you can see current price structure around my entry point it was also a pre-entry of an anticipation for the market to break below last swing low.
Figure 2. GBP/JPY 1h Chart
Best Regards,
Daytrader21
