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Strong Risk Appetite Leads The Top 2 Currency Traders Dominate

The top 2 leaders in the currency trading portion of the contest continued to dominate on Thursday, as they held on to their spots thanks to profitable long carry trade positions. While the most actively traded pair in the contest is Euro versus the US dollar (EUR/USD), the leading contestants since the start of the contest have consistently been those with portfolios heavily invested in the British pound versus the Japanese yen (GBP/JPY) and Swiss franc (GBP/CHF).

Indeed, contestant number 1 has remains in the top spot, as he made almost $60,000 since the start of the contest by trading GBP/JPY and finished Thursday with a portfolio balance of $159,937.39. This has proven to be an extraordinary play for contestant number 1, as he entered his long position last Friday while GBP/JPY consolidated near 204.50. However, he closed this out last night without initiating any new trades. It’ll be interesting to see if contestant number 1 has accurately called a GBP/JPY top near 209.00, where we have resistance from the April 18 and May 2 highs, as well as the 76.4 percent Fibonacci retracement level of the drop from 213.48 – 192.47.

Meanwhile, contestant number 2 held on to his spot in the ranks as he ended Thursday with a portfolio balance of $155,970.65. Contestant number 2 has taken a clear liking to GBP/JPY, as his first trade with that specific pair left him with a profit of over $19,000. While a few small, shorter-term positions in the pair didn’t go his way, he went in big last Friday. Like contestant number 1, contestant number 2 entered a highly leveraged long GBP/JPY position. However, unlike contestant number 1, contestant number 2 is still holding on to the position. Will this work in his favor or be the source of his demise?

Contestant number 3 is new to the leaderboard this week with a portfolio balance of $151,840.72. Like the majority of traders in the currency portion of the contest, contestant number 3 spent the first few days utilizing short-term EUR/USD and USD/JPY entries. However, of the nearly $52,000 profit he has made, almost 80% of the gains were through a single long GBP/CHF position. Like GBP/JPY, GBP/CHF is a very volatile pair that is prone to sharp moves. Contestant number 3 bought GBP/CHF last Friday as the pair consolidated near 2.0300 and held on to the position up until last night when the rally failed at 2.0750.

Congratulations to our top three traders and good luck!

Terri Belkas, Currency Analyst, DailyFX.com

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