Some of the losing trades I've had recently have been from shorting GBP -- which in hindsight I see were clearly mistakes I should have avoided. Now, though, I think we are starting to see some signs of GBP reversing and heading back south.

Below is GBPCAD, which shows resistance being respected.


We've seen a series of strong bearish candles on GBPAUD as well.

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We have some confluence there -- see the chart below. I'm interested to see how price action shapes up at that level; I may be interested in putting on some short trades if there are some strong signs of reversal candlesticks at that confluence level. One counter-argument, though, is the upward trendline still intact, and that price is still above the 50 simple moving average (Steven Primo's buy/sell indicator). If we see a reversal at 1.0290, though, I think that may strengthen the case for 1.0405...

A pattern of lower lows and lower highs seems to be emerging. Accordingly, I entered short at 1.0336, with my stop 100 pips higher at 1.0436, and my target profit 300 pips away at 1.0036.

May was not a good month for me, unfortunately. I ended it down 2.58%, bringing my year to date performance to +3.59%.


I placed 27 trades in the month. 19 were losers, 5 breakevens, and 3 wins.


In spite...

I believe the yen pairs have fallen to a support level, and so I've gone long CADJPY and AUDJPY under the hypothesis that support will hold and the market will rally to resistance levels from here.

Below is a chart of CADJPY featuring my entry point, stop loss level, and target profit.


And here is the trade I placed on AUDJPY:

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