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Coleman: My best and worst FX trades in 2013
Ian Coleman, from First 4 Trading, looks back on his best and worst trades in 2013.
Coleman’s best trade of the year was conducted 10 minutes before the European Central Bank’s released information from their meeting on Nov. 7th. In a move that surprised most analysts, the ECB cut interest rates in half from .5 percent to .25 percent. The ECB’s actions were labeled a preventative action against the possibility of deflation. The move drove the EURUSD to fall sharply, as Coleman indicated, from 1.35 to 1.3294 providing ample opportunity for profit.
Undervaluing a rise in USDJPY proved to be a moment that stands out for Coleman as one of his biggest missed opportunities in 2013. After following the currency’s bullish run and noting the presence of a Symmetrical Triangle Formation, Coleman had expected the currency to break higher. As anticipated the currency moved higher, but Coleman failed to estimate follow the trade to its highest peak.
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01:49 minutes
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