Buying a goldminer! EUR:JPY trade closes out for a loss

Turquoise Hill Resources (TRQ) is an international gold copper and coal miner operating mainly in the Asia Pacific region. The share price has risen up through the 50MA and has caught my eye. To me the share is a compelling buy. The last time that it rose through its 50 MA was in 2009 and it then went on to increase in value by 600%. I have opened a long position in TRQ this week.

2014 09 17 Turquoise Hill

My short EUR:JPY trade closed today for a loss. Damm! This trade has been open for a few weeks and was progressing nicely.

2014 09 17 EUR JPY

However, the euro strengthened against the yen and the price rose up and hit my trailing stop, closing the trade for a loss. Rules are rules, however, and I never move my stop in the opposite direction of a trade. I calculated how much I was prepared to risk on the trade before I went into it. Interested in my rules? Consider joining my site and having access to my trading techniques and rules!


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