May 02 2008
Trimmed My EUR/JPY Position a Bit
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I took some money off the table in my EUR/JPY short yesterday. It was basically a risk control move. The market had run so far so fast that it got well extended away from a reasonable trailing stop point. So I knocked off half my position at a gain of a bit over 300 pips. If the market rallies a bit more I it might give me the opportunity to add some or all of that back.
In the meantime, I basically locked in a 3R gain on the trade with half the position still open. And that half has a trailing stop that’s in the money as well. In other words, I will definitely end up with a better than 3R final result for this trade. If EUR/JPY drops down to 155, as I think is very possible, I will add another 8R.
Here are some other posts which might interest you:
- Sometimes Even Good Trading Results Need to be Rethought
- Today’s Trading Look-Back - May 1, 2008
- Ugh! An Awful Week
- One Trade Can Make a Difference
- Today’s Trading Look-Back - April 24, 2008
