RJ's GBPJPY Analysis

Aite, I'm enjoying my weekend and staying out of the market

Have a great weekend everyone

Mon, 5 Nov +63
Tues, 6 Nov +33
Wed, 7 Nov +123
Thur, 8 Nov +75
Fri, 9 Nov +183 (477)

By Alexis Xydias
Nov. 9 (Bloomberg) -- Shares in Barclays Plc fell as much as 9.1 percent in London on concern Britain's third-biggest lender may announce a writedown of as much as 10 billion pounds ($21 billion) on its assets, traders said. The bank denied the speculation.


The shares dropped 31.5 pence, or 6.5 percent, to 454.75 as of 12:53 p.m. in London after earlier sliding as much as 44.25 pence. Credit-default swaps, used to protect debt from default or speculate on credit quality, rose 7 basis points to 65 basis points, according to Deutsche Bank AG. Credit-default swaps rise as perceptions of creditworthiness worsen.


``There is some talk doing the rounds that Barclays have suffered big losses in the credit market crisis,'' said Martin Slaney, head of spread betting at GFT Global Markets in London. ``If that were true we could expect at least 15 percent of Barclays' value to be wiped off.''


The shares were temporarily placed into a so-called volatility auction after the drop. Stocks may be placed into such an auction following sudden moves to stabilize the price by matching bids and orders in an orderly fashion.


``There is absolutely no substance in these rumors,'' spokesman Alistair Smith said. He also said Chief Executive Officer John Varley did not plan to step down.


Barclays and Royal Bank of Scotland Group Plc may write down 2.1 billion pounds ($4.4 billion) in the second half due to the collapse of credit-related securities, Sanford C. Bernstein & Co. analysts wrote in a report Nov. 7. Writedowns may total 1.6 billion pounds at Barclays and 500 million pounds at Royal Bank in a ``realistic'' scenario, they wrote.


Barclays is scheduled to provide a trading update Nov. 27.


To contact the reporter on this story: Alexis Xydias in London [email protected]
http://www.bloomberg.com/apps/news?pid=20601087&sid=a38Zj8V6tS8U&refer=home

Last Updated: November 9, 2007 08:21 EST

+37 Long GJ 232.21/232.68

Mon, 5 Nov +63
Tues, 6 Nov +33
Wed, 7 Nov +123
Thur, 8 Nov +75
Fri, 9 Nov +220 (514)

-30 L GJ

-51 L GJ

Ok, that's it. I'm OUT!

I blew my account because I had NO STOP LOSS!

I'm out and back to DEMO.

I never learn!

Blowing your account is something that nobody should go through if they practice money management.

I'm going back to demo. I'm not a horrible trader but neither am I fantastic but these must be placed in perspective if I want to go live:

1. Risk Reward Ratio.
2. Stop Loss.
3. Proper Setup (not based on gut feeling).
4. The trend is your friend.
5. Initiate only after a new candle is formed/closed.
6. Stop Loss.
7. Stop Loss.
8. Stop Loss.
9. Stop Loss.
10.Stop Loss.

Please LEARN THESE VERY IMPORTANT LESSONS if not it's as good as going on a suicide mission and remember how sh**ty you have felt to have blown your account!

First trade after soooo long on Geppy:

Sell @ 211.57 @ 06:22
TP @ 209.97

Hit SL @ 211.07 @ 08:40 (lowest 210.54)

+50 in 2.5hrs

Current price @ 210.89 @ 09.00

I missed a good entry point and it almost hit my SL of -60 (max -57). Went in after a good downtrend. QQE was crossed and trading below Gann HiLo.

Short @210.19 @ 05:31
SL at +65 @ 209.54 @11:36.

Had an initial TP at 208.88 but let's say that it was artificially modified. Nonetheless, everyone learns.

+50 (Mon)
+65 (Tues)

Closed my EU long yday at +90

Long 1.4634 @ 18/2 09:54
CM 1.4724 @ 19/2 14:13

EU scalps today
Short @ 1.4646 @ 13:30
CM @ 1.4626 @ 13:34 +20

Short @ 1.4638 @ 13:42
CM @ 1.4628 @ 13:58 +10

-50 on a EU short.

Next week:

EU
1.48 bounce up towards 1.4960 or down.
Weekly/daily pivot pointing up

GU
Up, 1.9620 retrace first @ 23.6 Fib

Short GJ @ 212.29 01:34
TP @ 211.90 03:43 (slow in changing the TP, short of +1 @ 40)


Short term strategy:
Expected a spike down to 23 Fib which is trading near the daily pivot @ 211.90 and then expect it to go up again hence exited trade. Think it can go both ways now.


Screeny as when I exited trade.