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Update 8/2

I've closed my long cable for 83 pips profit, treating it as a swing trade as is proper for a hedge. My suspicion is that we can expect a volatile dip upon the Bank's QE decision and I plan to re-enter long after that. 

Update 3/2

In yet another embarrassing display of bad timing, my Jan 1.55 order was missed. Instead, I've got in long below 1.58. Humph.

Amid the positive data from all sides, I faded the NFP at the lower rising trendline, hoping for an extension of the risk rally.

This hedges my short euros and balances the portfolio a little. In other news, I am delighted the euro has responded negatively to the good news. Sterling is piggy in the middle as usual so success is far from guaranteed, esp given my tempramental timing.

Update 23/1

Closed for 63 pips profit. Fresh long order placed at 1.55

This was my first trade of the year. Given how poorly timed it was, I am well pleased to take profit. However, as a hedge against my short euros it has performed admirably. Closing has left me unhedged, so I have placed a slightly better long at the 1.55 key level in the hope of improving the position overall.

All eyes on the Greek outcome. 

Pip! Pip!

HP.

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The cable has depreciated today inspite of important positive economic data for the UK economy. The euro may continue to weigh on sterling but I think the good news means that support at the 1.54 level should safely hold.

I have entered long at 1.5528 and will add to it below 1.54 should that opportunity arise. My target is the upper Bollinger at 1.57. 

This is my first recorded trade and only open trade at the mo. I anticipate it is going to be a swinger rather than the start of a long term position. The cable will probably be ranging at best for as long as the euro is in the doldrums and this is a hedge against the more promising short EURUSD.

I have not got a short EURUSD yet, which is a bummer. I've got a lovely one on demo which of course does not count. I am waiting for a retracement, perhaps to 1.29 before I start drip feeding in the shorts. Until then, I'm using the pound to benefit from any bounce.

The size of my initial long cable is most conservative. If it goes against me, I'll be content to ride it out and pleased to make further purchases increasingly cheaply. Sterling is absolutely cheap at levels below 1.58, and when the recovery comes, as it surely eventually will, prices in the 1.60s or even 1.70s will be the norm. There should be no need to close this position at a loss even in the worst case scenario.

I'll feel happier once I've got some short euros on the books though.