Sunday, May 24, 2009

Hitting my Zulu-stride?

Greetings fellow Zulu-traders-

I'm on the second full week of my new wide stops (-500 pips) approach. I went into last weekend with a loosing long GBP/JPY position, down about -150 pips. I woke up pleasantly surprised to see the position up +100 pips!

From there Oxford forged ahead and picked up about 215 pips for the week. 

We had a big rally in the GBP/JPY with Oxford buying all the way up. In fact he entered at 143.91 and ended up taking a 29 pip profit on that position. Had he stuck with that one position, the would have made over 600 pips on the week since GBP/JPY closed over 150.0 for the week.

I even pulled down 132 pips with manual trades, picking up on Oxford Global's long GBP/JPY positions where he took profits too soon. I also went against him on the last trade of the week and took a 32-pip profit where he went short GBP/JPY at 147.71. This trade turned out to be a bummer and I went into the weekend down over 300 pips for this position nearly wiping out my gains for the week.

So now GBP/JPY is at important resistance at 150. Oxford is short from 7 units all the way from the 147.80 level. If GBP/JPY breaks decisively above its recent high at 151, then i'll get stopped out for another -500 pip loss. I'm pulling for a retracement to the 145 level. If that works, then i'll get my account back to the $7500 level, about $2500 down on my original investment of $10,000. Time will tell.

Best of luck, Zulu-fans.

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