Closed both yen trades; -301 pips

16.48 bst

Closed both yen pair trades

AUDJPY @ 90.38, -165 pips

USDJPY @ 94.25, -136 pips

There is usually higher volatility as London closes, between 4 – 5 pm London time, but today’s move is very inexplicable. My stops are actually a bit lower, but with this kind of  action on a late Friday afternoon means a high chance of gap moves in the same direction on Monday. So better to exit.

These are shitty markets to trade. I’m concluding that it’s really better not trading between 25 May and 15 July each year. There is truth to the old saying ‘Sell in May and go away’.

I really have to re-think my entire strategy, analyse my trading more rigorously. I’ll write more about it over the weekend.

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4 thoughts on “Closed both yen trades; -301 pips

  1. Daniel

    Bad week zen, sorry about that.

    Why do you enter trades with such a wide stop? Not your style normally. Seems like you try too hard to chase a trade which we should never do.

    I think once your trades are in profit by more than 150 pips, you need to anticipate where it may stall. And quickly take partial profit in the resistance and trail your stops for the other half. The days when long yen pairs are just going on and on for 500 pips are not here anymore. Seems like wide choppy market are in the card. Recently we’ve seen dollar weakness but with Euro and Cable looks toppy, I will only focus on shorting yen pairs in the next 4-5 weeks. Try to sell big rallies maybe with 75 pips stops and 200-300 pips target. My only worries are intervention but I think we will only see that when UJ is close to breaking 90.

    My plan is to enter a maximum of two trades a week to make sure that I really wait for a good opportunity before entering.

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  2. pk00

    Zen

    I have said it before. I feel your capitalization level is making it difficult to trade.

    Also, in choppy markets, it is better to take profits and losses quickly.

    Pramod

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  3. Sridhar Reddy

    You also rely too much on your system (with all due respect) which to an outsider is nothing more than flipping a coin to decide on a trade direction. I don’t like to see you loose money.

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