FT has been trading full time from home for two years, with nothing but four kids and a beach to distract him .
He fills his spare time with weight training and rugby, though more coaching than playing these days.
FT mostly trades the forex markets and although he plays FTSE on occasions his bread and butter market is £$.
He likes to think that his technique is evolving but still hasn’t the temperament or money to back the big calls. He prefers to trade between 1 and 3 times a day, aiming to take regular small gains, but feels part of the evolution is in not dealing if the conditions don’t feel right.
Here Is One For Next Week
I’m not going to deal in the currency markets today; with the G7 meeting starting there are plenty of nervous traders out there so I don’t see the sense in risking my capital.
But, here’s a trade I’m watching carefully for next week. The equity market sell-off has predictably led to the Yen strengthening as traders close out carry trades. This has pushed the GBP/JPY rate below its 200-day moving average, which in the dark arts of technical analysis, is pretty important.
You can see from the chart that the 200-day MAV gave way yesterday and GBP/JPY closed below that level. This was a bearish sign and prompted an early sell off, but just when things were warming up that flippin uptrend line got in the way. The line held as support initially, but I’ll be watching for a second attempt at breaking below the line next week, especially if equities keep falling.
Taking a quick look at the trades I’ve been running:
I was stopped out of yesterday’s long GBP/USD position at breakeven.
My BP position has survived another day, lingering below support, but remaining just above the stop loss level. Scottish and Newcastle shares are up a few pence and Resolution has pushed on to 717p, presumably ahead of more bid stories in the weekend press.
Happy Trading
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