Second & Third trade from CityPips

Posted on 11. Mar, 2009 by Jakob in Uncategorized

Yesterday I wrote about the first signal from CityPips, which was closed in profit. Yesterday they sent me an email with the second signal.

BUY USD/JPY @ 98.40
S/L @ 97.40
T1 @ 99.95
T2 @ 105.00

I got in at exactly 98.40, with two positions just as the first trade. The pair went all the way up to 98.93 before in went back down to around 97.94. At the moment the pair is just around 98.04, which is close to -35 pips, but the position is still open. Some hours later, CityPips sent me the following email

Market Update
Stocks today have been rallying as Citigroup’s profit outlook drove bank shares higher spurring speculation the worst of the banking crises is over. We have no way of knowing if this is actually the case, and frankly, find it hard to believe that there is not more bad news on the way in the coming weeks, however, we thought we would give you a heads up as to how this might play out.
Should this event even on a temporary basis signal a bottom for the equities market, we would more than likely see most of the YEN pairs climb as risk appetite returns to the market. Our current USD/YEN long trade reflects this possibility and could drive the pair well beyond the 100.00 region to levels as high as 105.00. Another element to consider is how US treasuries respond later in the week. Although traditionally, a return of risk appetite is dollar negative as investors dump the safe haven currency, the market has been looking for which economy will be the first to signal a bottom and show signs of turning around, which might play out as dollar positive.
We will keep you posted as the market plays out.

Since then, there have been no further updates on this trade, so I am going to let it run and see what happens. Today the third trade was triggered. Here is the email I got from CityPips

Sell EUR/USD at Market 1.2706
S/L @ 1.2750
T1 @ 1.2676
T2 @ 1.2635

I followed the directions, and went short at 1.2706. However, the pair went straight to our stop loss, and continued to 1.2805. They also sent another signal today, which is a pending short order on the GBP/USD, but this trade has not been triggered yet.

We still have a few days left. I will keep you guys postet.

Total profit/Loss for this week – CityPips signals:

Monday: Long USD/CHF: + 20 pips
Tuesday: Long USD/JPY: Still open
Whensday: Short GBP/USD: Pending
Short EUR/USD: – 44 pips

Total: – 24 pips

Related posts:

1. First trade from CityPips
2. More signals from CityPips
3. The last day with signals from CityPips
4. Free trial from CityPips
5. CityPips or PendingPips