New pairs and new friends

An article by Gus    1 Comment

Hey everyone been working on some other things so trying to squeeze this article out on my off time. As I said in my previous post we had some good trades this week even though I missed most of it do to me just being on break. As always a quick overview of the GBPJPY pair and how it did this week. We can see in the screen-shot below how we saw a huge spike in the GJ pair in the beginning of the week.

As we can see due to the news coming out of the UK we got a nice spike in the pound, but one that was not going to last as the price started to come back down for a few reasons. First of all favorable news from Japan and the UK brought out bad news about consumer credit and other economic issues. As you can see this is why I always recommend people to visit Forex news sites due to the large impact news has in the way currencies move. One of my favorite sites is Forex Factory which I visit daily to see what is going on. I am working with my site designer to input a news section which will aggregate news from most of the forex sites into one of my pages, will keep everyone updated.

My only trade for the GBPJPY this week was in the last 12 hours before it closed so the fourth candle before the week ended and made 62 pips. I got out early and on time since the 140.70 line is a definite strong point and one which will be hard to break. I do see it breaking this week with the bad news that just keeps pouring out of the UK, even though Toyota has to come before Congress and that might really shake some people around on the Yen given how big and important Toyota is for Japan.

As the title says I have been experimenting with some new currencies that have been mentioned to me. The two I tried this week where the GBPUSD and USDCHF. The USDCHF is attributed to Casey Stubbs sending me a quick tweet on an expected drop in the currency. I highly thank him for a great trade and a sweet 50 pips. As we see below a great drop came in the last few hours of trading, starting around 1.0875 and continued until the market closed, I got out early since it was my first time trading this pair but still got a nice profit.

The last pair I traded was the GBPUSD this week and I mainly stuck with the same strategy from the GBPJPY, which was based on news coming out about the UK and its economy. Even though the GBPUSD trade was trigger earlier by my moving averages combo. Here is a screenshot of it:

Overall we see how the trend of the GBP has been on the downside for quite some time now and it will probably continue to keep going that way. I am looking into the Euro for some new trade ideas for next week given the news coming out of Greece and all over Europe we should see some more downfall on the Euro and GBP in the weeks to come.

I will keep posting on my Twitter account throughout the day on my follow up of these currencies and how they are doing. Also head over and become a fan of my Facebook Page. On the right hand side of this website you can see my other websites which are all updated on a daily basis. Please keep visiting the forums and asking questions since it is by far the easiest way to communicated besides Twitter.

Thanks,

GFX