Sunday, September 11, 2011

Damn...grrrr

Ok, so Friday I got a little overconfident after my two successful trades based on the gartley patterns (butterflies and bats, oh my).  I opened 4 trades that looked promising:  buy on gbpjpy (why?  because it was approaching the record low of feb. 2011 and i thought it was showing signs of reversal...a line of support around 123.200 and some reversal of price) which probably would have went well, if Greece hadn't been all over the news this weekend with what looks like the "end is near"...default, exiting the eurozone, panic, etc., etc...which leads to two other things that are bad for me.  A flight to safety currencies, yen and usd.  Lets just say that this trade stopped out, and I voluntarily closed out my two other trades that were shorting the dollar.  Cause that is out the window for the time-being.  I do have one trade still open USD/JPY (short) so yen is beating out the dollar for the moment.  That one is about two-thirds it's way to profit, so hopefully it makes it.

Update...the USD/JPY came within a hair of the take-profit goal and then reversed.  I decided to close it out while it was still positive.   Account balance:  $2950.85

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