Monday, February 2, 2009

candles slide for the second week in a row

Looking back onto last week's calls, you may remember that the candles were bullish on usd/jpy and bearish on gbp/usd.
The yen call started well but as risk aversion set in during the second half of the week the yen strengthened and ate into a significant part of the bull move. With last week's open at 88.78 and the close at 89.82, we were left with a profit of 104 pips. That's a forecast rating of +1.16%

Cable had an upbeat reprieve after the previous week's slump. gbp/usd opened and at 1.3805 and climbed pretty steadily to 1.4491, leaving the candles 686 pips to the bad. A forecast rating of -4.73%.
The total for the week came in at -3.57%, bringing the running total down to +4.19%. Another week like that and we'd be close to zero once more.

However, as of this week I am changing the nature of the call and will be giving stop losses and take profits. If the call doesn't hit the limits before the week is out, the week's close will also close the trade. This means I'll be able to track the candle performance in pips. However, the downside is that my orders may muddy the waters a bit. We shall see.

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