I just thought it would be interesting this morning to look back on a couple of my recommended trades in the last few weeks, to check on progress.
The first of these was the EUR/NOK pair which I suggested would be a good short trade on the 27th and 28th June. At the time the pair were trading at 8.042 and subsequently fell over the next 2-3 weeks to a low of around 7.88, so if you followed this trade you should have taken a good number of pips. The pairs have since rallied, but are still trading below the entry level of the trade at 7.966. As the pair have now broken through the old support level, I expect the downward trend to continue, if you are still holding this trade open. Not a bad result and if you have closed out, now would be a good point to enter the trade short.
The other pair is the EUR/YEN – one of my favourites as a carry trade. I suggested going long the pair on 26th June at 165.54, and they subsequently reached a peak of 168.60. so again you should have taken some good pips here. Last week all the Yen pairs saw a pullback and the pair are now trading at 163.24. However, of more significance is the bullish engulfiing signal of yesterday, so expect prices to rise today. I hope you closed out profitably, and if so, now would be a good re-entry point for a long carry trade at 163.24. Good luck and please let me know how you are getting on – I love to hear from you all