All trades in the money

13.45 gmt.

After a long time I am finally fully in sync with my system, and it feels good 🙂 !

The USDJPY trade is up +110 pips, the EURJPY trade is up +180 pips, both the CHF pairs have taken off smartly after the US jobless claims data. The USDCHF gave me some worries over the past 2 hours as it probed below 0.9290, but it looks like the USD bulls have won this round. The EURCHF spent quite some time capped by the 38 Fibo of the recent 1.2569 – 1.2325 swing, but it has broken clear of that level and is testing the 1.2447 level which is the 50% Fibo. I’ve moved my stops into comfortable profit levels in EURJPY and USDJPY, but not yet in the CHF pairs.

Although the account is down on the week so far, I’m not too worried. By the end of the month I should be in the +ve. This has been a fairly difficult month, lots of wild swings (especially in the Euro)  and days of almost no movement alternating with sudden huge moves in the Yen pairs (like yesterday and today).

For now, nothing to do but monitor the market, read some blogs, news sites, read some books.

I like this stress-free feeling when I am trading in sync with my system!

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4 thoughts on “All trades in the money

  1. Daniel

    Hi Zen,

    EJ and UJ has not yet made a higher high despite the recent increase. If we fall from here, at what point would you start to be nervous and consider taking profit off the table? 75-100 pips drop from high!

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    1. ZenFXTrader

      Daniel, patience, dear man, patience! Prices never climb up in a straight line. They will drop a bit, consolidate, and then maybe continue higher. I like to give the market the time to consolidate and perhaps continue higher. I don’t mind losing (potential) 100 pips from here, because I will still make +100 real pips. My rules insist on patience, so I will wait until I get the reverse signal. One trading maxim you must remember is ‘A dog always comes back to smell its vomit.’ Not a pretty analogy, but very real. What it means is that the market will always come back to test the high or low it makes. It works on all time-frames – hourly, 4hrly, daily. The EJ made a high of 120.72 last week, and here we are now testing that level again. If it doesn’t move higher the second time, that’s a signal that it will retreat from that high. There will be plenty of time to get out somewhere around these levels.

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  2. Daniel

    Hi zen, I think I am just learning what is the best way to manage a winning position. I’ve seen a few times that you let 200 pips win to become only less than 50 pips when you close and I will find it very hard if it happens to me. At the same time I also see how you ride 500+ pips profit and looking at the chart, I find it hard not to trail partial position or lock partial profit in the meantime. You know what they said, the most difficult thing to do is to hold on a winning position for as long as possible! Seems like you don’t have problems in doing this!

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