Trade Journal - 20 Nov 08

The US Unemployment claims came in higher than expected. This has caused the USD/JPY to fall upon the announcement of the numbers.

On the day chart, USDJPY is currently in a down trend of the current wave (starting from a high of 100.54. I am expecting the USDJPY to fall to 92.80 - 94.20 regions, where I think the USDJPY will pause and then start to move up.

I shorted the USDJPY when the Unemployment Claims figures was announced.

Short entry: 95.31
Target price: 92.90

As I type this journal, USDJPY is currently trading at 94.68. I am using a manual trailing stop loss. Hope the USDJPY will drop to my target price.

21 Nov 08 -
Sigh!! The JPY shot up to 96.23 just past midnight and took out my trade by hitting my stop loss. Then it started its sharp fall to a low of 93.54 at around 5.30am (Singapore time). That was how volatile the market is. Thankfully I adjusted my stop loss to lock in some profits when I went to bed. This just shows the importance of having stop loss in every trade.

Summary of my JPY trade:
Short Entry: 95.31
Trailing Stop Loss: 94.73

Profit/loss: +58 pips.