On Wednesday, CitiFX recommended a short trade in AUD/JPY at 93.13 and I mentioned it here.

It turns out they nearly picked the absolute bottom and the pair has jumped 250 pips. Their stop loss at 95.20 was tripped a short time ago.

I’ve been a fan of Tom Fitzpatrick at CitiFX for a long time and that won’t change.I’ve made my share of terrible calls and I try to learn from them. I heard a great line the other day — you always get experience right after you need it most.

I think the mistake here was underestimating the effects of politics. Something about elections makes markets stupid and emotional; the same thing happened after Obama was re-elected — it’s a time when the technicals can send some false signals.