I stayed with my USDCHF trade too long at 1.1630. It stopped out at 1.1620 after trading above 1.1660 a few times for what would have been a handsome profit. Nonetheless, I shifted my attention over to the JPY crosses. In this business, you should know that there is an amazing correlation between all of the financial markets and their many securities. As stated in my earlier post, the Dow and the JPY crosses have been moving hand in hand. So I took advantage of this movement by shorting NZDJPY short term for a nice gain of about 30 pips. The NZD pairs are the cheapest of all of the currency pair contracts that I trade over at Forex.com. It's good to know this when managing money and keeping your margin healthy. As a newbie in this market, I highly recommend going over to BabyPips. This is an introductory course study to the foreign exchange market. It's inciteful and fun. You advance in grade levels contingent upon successfully passing a test at the end of each lesson.
On the subject of correlation, there is also a correlation between all currency pairs. For more information on this, surf on over to Mataf.net. You'll find other valuable tools there too.
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