The recent price recovery of CABLE from the week's low @1.5155 and currently @1.5275 has provided the momentum run for both GBPEUR & GBPJPY crosses a leg higher. That, of course has also been correlated with the corrective move on the USD as it pulls back this morning lower opening in the Asian session. Note that the
GBPEUR an "Alternative Strategy" that we covered in our previous market call last Nov 09 which led to the comparative strength and weakness correlation between the Cable & the Euro as a good preference to choose from as against a top heavy on Yen related crosses among others in our video support and
"Trade Summary On Cross Rates 2" .
Although, there may well be a probable continuation of this run; it is in our best interest to have settled and booked the two cross correlated currency pairs based on their
time exposure and target objectives. These trades were in effect as follows, with the
GBPEUR from Nov. 09 -to- Nov. 19th 2015, and booked @1.4275 in the Asia session today. While the GBPJPY was from Nov. 11 -to- Nov. 19, 2015 was likewise done @188.35 as it meets our price objective at this point of the session.
This validation is dated Nov 19 2015 at the Asian Trading session for MT101 Journal documentation.
Trend-following has its advantages! And following a trade plan that defines time exposure, price objectives and adapting to market conditions should always be a priority in trading volatile markets.
No comments:
Post a Comment