Checking charts again at 7pm, as another set of 4H candles has closed.
- EURJPY (4H) – no setup on 4H on D – ignore until tomorrow – bearish pin bar on 4H chart
- GBPJPY (4H) – Corn trade setup completed on 4H chart – and then price retraced – looking nicely on the D chart today – consider going long for another 0.75R – however given that there is GBP news at 9.30am in the morning I am not going to put on another trade this evening. Consider going long in the afternoon when I return to the office
- CHFJPY (4H) – no setup on 4H on D – ignore until tomorrow – bearish pin bar on 4H chart
- AUDJPY (D) – no setup on 4H on D – ignore until tomorrow
- NZDUSD (D) – Still a bullish pin bar forming – consider again at 10pm (when the D candle is nearly closed) [checked at 10pm and the candle formation did not look overly good]
Stop Loss Management on open positions
Things to consider – there is GBP news at 9.30am in the morning (which will impact both of my positions) – there is USD news at 1.30pm – ideally I’d like to be out of the Cable trade before the news comes out (thus I am going to put the target back to the initial 1.6110). If I am still in the trade, then I should not have an upper limit on the trade – as it could go a lot higher! I will check things again in the morning – see where things are trading.
In terms of the EURGBP trade I am inclined to just let it sit there – without adjusting the stop at all. At the peak the trade was up 27 pips (target 70) during the first 24 hours.
See where things are at in the morning prior to leaving for Sth Kensington.