Monday Blues

14.30 bst

Mondays are the most tricky trading day. Often it is simply better to just observe, and not to trade on Mondays. My experience today confirms this observation.

I entered the USDJPY short trade specifically as a Asian session to European session trade. The idea is that whatever direction is taken in early Asian trade, gets reversed around the time London opens. It worked today, but I didn’t get out during the London morning session as I should have around 101.70, at a small profit. The EURJPY entry was late – it should have been at the same time as UJ, which would have been at 132.15, again giving a decent profit by mid morning London time.  Another lesson learned for future.

Options and barriers in play are dictating price action now and the direction will become clearer after the 10am options cut-off. As a general rule it is better to wait for this to pass before deciding upon  trades.

I am now flat, after having given back some profits today. I will wait and see how things develop in the next few hours.

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