USD/JPY (Short)

Overnight, USD traded lower against most majors. There seem to be wide anticipation that the US Non-Farm Payroll to be released on Friday will disappoint again. USD/JPY had dropped 200 pips from last night and I am expecting the trend to continue till at least the release of NFP. I am taking half position here following the earlier loss on NZD/USD. I placed a limit order at 92 and see if it triggers. If it triggers, I intend to place a OCO with stop loss at 93 and a limit of 89. This will give me a risk/reward of 1:3. If NFP proves to be really devastating, I may adjust for lower limit to maximize my profit. Now I wait for my order to be triggered.

Update 1
Order was triggered and the position is now trading in positive territory. Seemed like peeps over at babypips have a similiar view as me. I used a wider stop loss at 93.5 instead of the intended 93.0. Once 90 target is hit, I will adjust my stop loss accordingly. I am not setting a profit stop for this one now because I think the pair might really plunge. The one risk here is that Japanese government may intervene if Yen is too strong.

Update 2
The US Non-Farm Payroll results was indeed bad. More than 500 k job losses. But surprisingly the market seem to think that this number is not huge enough and the pair rallied for a while. Since I did not get the plunge I expected, I took whatever profit I could from the table. 55 pips for this half position. Not a very ideal trade but nevertheless profitable and I live to trade another day.

NZD/USD (Short)

This is the first official trade for this blog. The NZD/USD seem to find resistance at 0.59 level and not able to break out convincingly. I am treading carefully on this one. I got into a position this morning at 2am selling at 58.85. Fundamentals for NZ is very weak at the moment and the global financial crisis hit NZ rather badly. I placed a OCO stop on offer at 0.5935 and limit at 0.5800. The risk reward does not seem very attractive but I will be monitoring the trade closely to see if adjustments can be made after the trade goes into green. Keep my fingers crossed on my first trade update.

Update
Unfortunately, the first trade turns out badly. Got 15 pips to clearing it at a profit but it went up again and hit my stop loss. 50 pips loss. We shall try again when there is possible ground breaking event