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Fading Yen - It has gone parabolic
- Thread starter gmst
- Start date
Quote from gmst:
covered 0.25% risk at 92.7 from 93.5 for a profit of 0.2%.
So, total booked profit = 1.73% + 0.2% = 1.93%
Bidding 0.25% risk at 92.2 and 92. Offering 0.25% risk at 93.5 and 94.
I had hoped this trade to be a quick fade the parabola trade. However, now this trade has become a long drawn thing.
originally posted below on 20 February, 2013. Re-posting again this as that post was lost during website migration that we had.
Alright, so I didn't post for couple of days. I got filled all the scale-ins at 93.5 and 94.
I successfully closed the 94 portion at 93.2 for 0.2% gain. So, total booked PL = 1.93+0.2 = 2.13%.
Scaled-in again at 94 today for 0.25% risk as planned.
Also, I decided to take another bet for 1% here. Short 1% at 94. Bidding around 93 and below on this extra risk.
Quote from gmst:
originally posted below on 20 February, 2013. Re-posting again this as that post was lost during website migration that we had.
Alright, so I didn't post for couple of days. I got filled all the scale-ins at 93.5 and 94.
I successfully closed the 94 portion at 93.2 for 0.2% gain. So, total booked PL = 1.93+0.2 = 2.13%.
Scaled-in again at 94 today for 0.25% risk as planned.
Also, I decided to take another bet for 1% here. Short 1% at 94. Bidding around 93 and below on this extra risk.
originally posted below on 21 February, 2013. Re-posting again this as that post was lost during website migration that we had.
Filled the 94 scale-in at 93.2 for 0.2% profit.
Also, filled at 93 - the extra 1% risk that I added yesterday at 94 for a profit of 1%.
So, total booked PL = 2.13+0.2+1 = 3.33%
I was ill the whole last week. So, unfortunately, could not take advantage of the massive moves that happened in yen. However, I had orders in the market - which worked just fine.
So, on 25th, following orders got filled:
1) Sold 0.25% risk at 94.
2) Filled 0.25% risk from 94 at 93.2 for PL = 0.2%.
3) Filled 0.25% risk from 93.5 at 92.7 for PL = 0.2%.
4) Filled 0.25% risk from 93 at 92.2 for PL = 0.2%.
5) Filled 0.25% risk from 92.5 at 91.7 for PL = 0.2%.
6) Filled 0.25% risk from 92 at 91.2 for PL = 0.2%.
7) Sold again at 92 for 0.25% risk.
So, total booked profits on 25 Feb = 3.33% + 0.2%*5 = 4.33%.
So, on 25th, following orders got filled:
1) Sold 0.25% risk at 94.
2) Filled 0.25% risk from 94 at 93.2 for PL = 0.2%.
3) Filled 0.25% risk from 93.5 at 92.7 for PL = 0.2%.
4) Filled 0.25% risk from 93 at 92.2 for PL = 0.2%.
5) Filled 0.25% risk from 92.5 at 91.7 for PL = 0.2%.
6) Filled 0.25% risk from 92 at 91.2 for PL = 0.2%.
7) Sold again at 92 for 0.25% risk.
So, total booked profits on 25 Feb = 3.33% + 0.2%*5 = 4.33%.
Quote from gmst:
On 28th, shorted 0.25% risk at 92.5
On 1st March, shorted 0.25% risk at 93 and 0.25% risk at 93.5
So, just one more short order pending at 94 for 0.25% risk before I acquire my full position again.
Today, as an extra short, I have shorted 1% risk from 93.5.
Thats about it so far.
Do you care to post the current open losses from these orders (90, 90.25, 90.50, 90.75, 91.00, 91.25, 91.50, 91.75, 92.00? Being that the Yen is breaking out to fresh highs here above 95.00. You don't have to, but I think it might be helpful for others following your thread here.
Quote from gmst:
I have been trading FX for >3 yrs.
Rationale for Set-up
Today's range 200 pips from 88.14 to 90.14. Looking at the chart it has gone parabolic. Breached important level of 90 today. Prices tend to collapse after such parabolic moves. Good time to start scaling-in for a short in small size.
Stop and Worst Case Loss
I want my STOP to be at 96. This is comfortably above important levels of 95, 95.5 etc. where barrier one-touch options might be present.
Let us see how this trade goes.
So, sell orders 0.25% risk per big figure at 90, 90.25, 90.5, 90.75, 91, 91.25, 91.5, 91.75, 92, 92.5, 93, 93.5, 94.
USD/JPY 96.55 print.
Game, set and match.
Sitting in the red for almost two months.