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Tag Archives: make money

Ozzy Dollar Hits My Target. Cable Weakens. Euro Moves Higher.

Ozzy Dollar hit my price target yesterday so i took it long. Well it actually hit 10226 and my target was 10225 so i was out by 1 pip. 🙂

If you have been reading my posts over the last few updates you will see that I had been targeting this area as a possible long trade for a few weeks now, and it finally hit on Tuesday. I actually entered the trade a little early at 10227 just to be safe, as i knew this was a strong demand area and it may not hit my 25, and that turned out to be the case. The price quickly moved away from that area so i knew it was a good trade, so i let it run rather that taking a logical exit.

Ozzy had been moving down towards that area for a while now, so a big move up was on the cards. As i had waited for the trade for a while i let it run overnight to get the full benefit of the move. I don’t mind holding Ozzy longs overnight as i get paid a good chunk on the rollover. I would not hold a short position overnight though unless it was unavoidable.

I closed the trade earlier today as the move seemed to have stalled a little, but i managed to get out at 10354 for 127 pips. I don’t mind waiting for a week or so for a move like that. I think it could have a bit more left in it, but i am very happy with my pips.

Cable has been moving down since Monday, and was punished further today by Mervyn King who gave a Draghi like press conference on the state of the UK economy. I have a price target on Cable of 15270 so its got a bit further to go yet. I think we will see a bit of a rally first though, before a move down to that level.

Euro has been recovering some of its losses since the Mario Draghi press conference, and peaked today at 13518. I took it short at 13506 so i missed the top by 12 pips, which is a pretty big miss by my standards. The move down was helped by some Euro negative news by the ECB saying Euro strength will hurt the recovery of the smaller countries in Europe. I took it down to 13468 for 38 pips. I re entered the same trade at 13485 down to 13440 for another 45 pips.

Euro Yen has been up and down this week trading in a nice range. We have had a couple of nice trades on that this week. First trade was on Tuesday at 12680 down to 12560 for 120 pips. We took it short again today at 12620 down to 12570 for 50 pips. The good thing about EJ at the moment is it does yield a lot of pips when you manage to trade it. You need to have a larger stop though on that one at the moment, as its very volatile, so you can get stopped out if you are too tight.

I will give a full update on the weeks trading activities at the end of the week. If you are trading this week have a good one. 🙂

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