Here is a big loser!
I closed my GBP longs(March) @ big loss. It took away a good portion of my profit.
Thank God for saving my investment!
As I had hedged in EURO and made some profits from the June GBP , I could manage to bear this loss.
Any way, Congrats for all gainers and condolence for all losers including me! A coin has two sides. I am trying to learn from my falls.
At present I have three shorts in Euro and one long in GBP.
I am planning to square off the GBP long as soon as possible as I feel it will go down in the next week. I am trying to catch the first chance to get above 201.59 on Monday. I think it will happen once more before a long reversal.
And regarding my Euro shorts I am planning to wait the coming two three days.
See the following article from Daily FX:
"The EUR/USD pair continues to rally to fresh highs as ECB President Trichet’s commentary that the Bank is "concerned about excessive exchange-rate move" on Monday, the Federal Reserve’s attempts to restore liquidity on Tuesday, and news that Bear Stearns would have to be bailed out by the Federal Reserve Bank of New York and JP Morgan Chase were not enough to provide a sustained boost in the US dollar."
And the news from Bloomberg:
"March 14 (Bloomberg) -- President George W. Bush, seeking to calm investors, said policy makers will take ``appropriate steps'' to stabilize the financial system.."
http://www.bloomberg.com/apps/news?p...refer=politics
From the above statements I feel like the GBP will go down steep after testing above 203 (may be after one or two weeks) once more.
Any one noticed the change in the direction of GBP/USD and EURO/USD from 15.40 hrs. of March 14th? For the last few days both these pairs were moving in the same direction and now it seems to be in the oposit direction.
What it means? Will they go in the oposit direction in the coming days or it's just a correction move? Could anyone explain it so that I can save my hedged funds.
But the daily candles (Euro/Usd and GBP/USD) tell me that Both pairs may go down on Monday.