Since my last post I have only continued to hold my previous GBP/JPY trade. I had a quick day trade on the S&P today, but took it out at slighly better than break even for a small profit because I didn’t feel I could see the direction on it well enough.
The last couple days however the GBP/JPY trade has matured nicely. I didn’t have a good clear opportunity to get in the additional position I talked about taking, but the initial trade has done very, very well.
Because it has kept it’s direction so well I have extended my target to add an additional 2% or so to it. And I have introduced a nice 2.5% preventative stop on it as well to secure a good profit. If it continues up this week I will let it play out, however as soon as it shows signs of slowing I plan on taking the profit on this trade. As I write this, the trade at its current price will have made me about 8% on our accounts in just under a week. Not bad by any standard. Now begins the delicate dance of deciding between taking the profit and giving it more room to pay me if it should decide to. I will update as the trade progresses.