There are a few things I wanted to talk about today. First is that my EUR/GBP trade did not make it to my target (came within 10 pips before reversing!) and I got stopped out for a 47 pip/lot profit for a total haul of 94 pips for my longest-lasting trade of the year (22 days).

Now that I finally have my old trading files back up and in working order, I also wanted to share with you my updated trading spreadsheet showing my year-to-date FX trades. Overall, I really couldn’t be more pleased. I’m on a 10-trade winning streak and have really been on a roll since I switched over to FX…I hope to keep it going with the EUR/JPY trade setup discussed next.

Well it sure has been one heckuva ride over the past 6 weeks for the Yen. After rising 1,000 pips in less than a week across all pairs, it has taken 4-5 weeks, but has finally clawed its way back to where it started. Hence, we are getting into some PRIME fading territory for a number of reasons. First and foremost is that people who sold the Yen near the bottom and didn’t get a chance to sell during the initial 1,000 pip rise have been hurting badly over this past month and will no doubt relish the opportunity to get out at break even. This is the factor that has had me monitoring the Yen.

But now an actual trading setup is starting to form and I am admittedly VERY eager to get short the EUR/JPY sooner rather than later. Not only was that 1,000 pip drop huge, it was also right on the heels of an all time high for the EUR/JPY which makes this area of resistance all that much more potent as it is an empirically known supply area that is being revisited for the first time.

So I drew up my trusty FFF to see where the Fade Zone is setting up. And while we haven’t reached the Fade Zone yet, for the above reasons, and due to the fact that we are in 3rd up-thrust of the most recent bull move, I’d be surprised if it actually did make it all the way to the FFF reversal zone. So I am placing my limit sell order at 159.59 with a stop just beyond the FFF Reversal Zone and we’ll see what happens this upcoming week.

Have a Great & Happy Easter!

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