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GBP/USD and GBP/JPY Trades Clocked +535 Pips On Stearns News
By Benny Nardino | March 15, 2008
Yesterday became my best pips collection day in my years of forex trading. The charts below are self explanatory but many of your emails have requested detailed execution tips which you will find very useful here.
I traded cable, GBP/USD and GBP/JPY yesterday. Both pairs came up trumps. I posted a couple of thoughts yesterday. My first post highlighted possible EUR/USD action play which ended up being right.
The second post was pretty critical. I expressed my disgust at rewarding unproductive executives of Bear Stearns by cash bail out. Paradoxically, I made some good money from the effect of their news on the forex and other financial markets yesterday.
As reveal on the GBP/USD chart above, I took my first entry at 2.0244 on the rise spotting twizzer bottom. Less that an hour later my position was closed at 2.0279 netting +35 pips. (Click on Charts to Enlarge image).
With the market usually less volatile on Fridays, my goal for the day was to cherry-pick for profits 
no matter how small. In all, I executed five trading positions with four from the GBP/USD chart above and the last from GBP/JPY chart below. Here were my trade executions:
GBP/USD Positions.
Long: 2.0244 and 2.0279 close (+35 pips); Long: 2.0275 and 2.0372 close (+97 pips);
Short: 2.0330 2.0290 close (+40 pips); Long: 2.0274 and 2.0214 close (+60 pips);
GBP/JPY position
Short: 203.53 and 200.50 close (+303 pips).
In a nutshell, the positions were relatively easy in the end, but the hardwork was actually the waiting times. In the morning there were temptation to take positions on the EUR/USD which I resisted. I was very cautious of profit taking for the day. In fact if I had taken some of those early positions I would have lost some money. Which goes on to the saying, “If the signal’s not there don’t pull the trigger”.
Anyhow, when the Bear Stearns news came on the market was pretty lopeside and it was easier to use intermarket relationships. As you could see GBP/JPY was great decision. All I had to do was to keep adjusting my stops. As long as I had 50 pips window it felt okay to let it run. This is by far my best week in the history of my forex trading and I am grateful.
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Sphere: Related ContentTags: execution tips, financial markets, gbp jpy, gbp-usd, GBP/JPY, GBP/USD, trade executions
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March 15th, 2008 at 21:29
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