Another great news trade this Thursday. What a week this has been, this is the third big news trade this week. After Tuesday I put decided to trade larger lots. The number was expected on 0.6% . I was looking for a deviation of +/- 0.3% to trigger a trade. So anything >= 0.9% or <= 0.0% I also was looking for a deviation +/- 0.4% to make a larger trade. The number deviated alot, it came in at 1.4%, a full 0.8% better than expected. Click here to see further info on this economic indicator from UK National Statistics.
So on to the charts. Here is my chart at Oanda. You can see the small blue triangle is where I bought 200k of GBPJPY. I held this trade for for awhile, sometimes I try to get out at the top of initial spike up, as usually after there is a retrace. I thought with such a big deviation we might see a further move up, I also considered this a good entry into a Carry Trade which would earn daily interest. When the pair did come down a bit I did close out half with +32pips, I let the other half run and did see further gain of 30 pips. Unfortunately I set a stop and continued to hold, after such bullish news for the pound I could see the GBPJPY going back up, especially after its recent losses. My stop got hit with only +12 pips.
On the mystery broker I traded 6 100k retail lots of straight cable and got an excellent fill. I exited half of the position, and then another lot soon after. Although I didn't exit at the top of the move, I was within 5 or so pips, which isn't bad. I held 2 more lot hoping for a further move up after the retrace, and it quickly became bad as the 9700 level was broken. It would have eventually come back up but you never know and watching all that profit vanish is not fun. So all in all +41 pips on 3 lots, +43 on 1, and +22 on 2 lots. This broker doesn't have great chart so I took pasted my trade history onto of a chart my new eSignal software generated. I got hold of this thru a free offer with Top Gun sofware
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