August 1, 2008

Good decision made 40 pip profit

Considering the background, I also bought AUDUSD expecting that interest rate differential would be in favor of Aussie. But I changed the decision and replaced it by selling GBPJPY when I found it in an appropriate price:
  • Oil price was dropping in response to the GDP and possibility of sharp slowing in economic activity and reduced demand. So the price of gold was also dropping in response to Oil and Euro.
  • Some economic data was ahead, especially German Retail Sales that could show the economic activity is increasingly slowing in euro-area, and it was likely to accelerate the commodity-selling in response.

All of these reasons in addition to technical data made me convinced to close the position in 15 pip loss and time showed that it was a correct decision.

Posted by Davod Qasimi at 1:21 AM
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2 comments:

  1. Davod QasimiAugust 1, 2008 at 2:08 AM

    GBPJPY broke its daily support before the German Retail Sales report. The report came worse than expected and yen appreciated against Euro, pound, and dollar.

    ReplyDelete
  2. Davod QasimiAugust 1, 2008 at 6:51 AM

    PMI in Euro-zone and UK was worse than expected and retail sales dropped in Germany much more than anticipated. GBPJPY extended its losses and dropped almost 130 pip below the price that I closed the position.

    ReplyDelete

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