It’s been far too long since the last time I updated this blog. It’s high time I get back in the swing of things(i.e. posting here more regularly). Hope you’re all having a good trading week so far, 3 more days to go! 🙂
Today, I wanted to share with you all my pick for Chart of the Day which is EUR/GBP. Though there were some significant moves from other currency pairs, when looking at the overall picture(trend) and doing my analysis, I decided that EUR/GBP was my so-called ‘favorite’ of the bunch. All of the GBP crosses moved well, which was due to the economic data that was released in the wee hours of the morning. UK inflation rate dropped to 1.6% from 1.8% in July. It is the goal of the Bank of England(BoE) to have inflation at 2.0% so, anything below that equals bad news for the GBP. Like I’ve written seemingly countless times before, keeping track of economic news is so important as the sentiment of the market can change in a blink of a eye at times. The market was in a rolling trend until the news came out so, yeah, always be aware of economic data releases.
Ok, so let us take a look at the chart:
The pair rose a little over 100 pips over the course of a seven-hour period. It may not seem to be as extravagant a move as a few other pairs like GBP/USD or GBP/JPY but the pip value of EUR/GBP is roughly $1.65 per pip, which I think is a pretty awesome trade for a 100-pip move.
So, any questions..comments for me? Feel free to leave a comment here or send me an email anytime and I’ll get back to you as soon as humanly possible. 🙂 Have a fabulous day!
Happy Friday all! And what an interesting week it has been, hasn’t it?
I must admit that the erratic movements in the markets have had me a little on edge. Which way to go? Am I making the right decisions? It’s been a mixed bag of results to tell you the truth. In a prolonged rolling market, leaving trades unmonitored is not the wisest decision. You have to be literally implanted in your chair, eyes glued to the computer screen to avoid getting yourself into a precarious situation.
Anyway, I will keep this post as short and pain-free as possible! 😉
Let’s take a look at the chart for GBP/USD:
Over the course of the past day, around 7am PST yesterday til now, the pair has moved nearly 300 pips to the upside. It has made the most significant moves of practically all the other pairs but if you look at the entire chart, it is basically rendered trendless/rolling. We have been trendless since the beginning of June and will have to wait for a significant breakout or breakdown to be back on track again. In my opinion, a break to the downside may be the most plausible. The pair has already hit its highest point three times during this month, the highest it has been since Oct. 30th, 2008….8 months ago! So, like I said, a breakdown most likely will be coming and we should keep an eye out for that.
We are 3 trading days away from the end of the month and no real critical data will be out until mid-next week.
USD: ISM Manufacturing PMI
USD: Unemployment Rate
USD: Pending Home Sales
USD: Consumer Confidence
EUR: Interest Rate Decision
JPY: Tankan Manufacturing Index
AUD: Retail Sales
AUD: Trade Balance
GBP: Manufacturing PMI
Just a few important data releases to be aware of.
Hope everyone enjoys the weekend! Until next week…! 😀
Hi friends! So sorry I haven’t updated the blog in what seems like AGES but I’m back now. Promise. 🙂
As you all may have noticed, we’ve been experiencing a buying sentiment in the market. It’s been a good few days, today’s movement has been kinda or hit or miss but overall, a great week so far.
Let’s look at GBP/JPY:
This pair rose almost 800 pips in the last 2 days. If any of you happened to hold this trade for the last 48 hours, then you must be bouncing off the ceiling with happiness. EUR/JPY also moved big, moving approximately 700 pips.
Expect some pullback either tomorrow or early next week. What goes up must come down..eventually. I will keep you all updated, don’t forget to check my Twitter! Also, if you have a Twitter account, follow my mentor’s tweets. Remember me mentioning her in my first post: An Introduction? Her Twitter name is FX Princess . Check out her list of potential trades, they are spot on. Thanks so much!
Happy Hunting, everyone. 🙂
Happy Monday, all! Everyone enjoyed their weekend, I hope. 🙂
Today has been an odd day in the market. Not much of a fantastic move overall. There was some action from EUR/USD, EUR/JPY, USD/CHF etc but nothing major. GBP/AUD moved approximately 300 pips which is great, definitely worth an honorable mention. I tend not to trade that pair due to the large spreads and the pip value is roughly $0.70-$0.80, but today’s move was not a bad choice of trade, I must admit.
My pick for Chart of the Day is EUR/GBP. The pair moved 150 pips or so over the course of 9 hours. EUR/GBP usually has a spread of 5-6 pips, in comparison to 16-18 pips for GBP/AUD, and the pip value varies from $1.50- $2.00. As you can tell, it’s a good choice for trading when a proper trend is in place. Take a look at the chart below:
Tonight/tomorrow, I will be looking for EUR/USD and EUR/JPY to start moving back to the upside and USD/CHF to the downside. Happy Hunting, my friends! 😀
Hey guys! Did you happen to trade EUR/USD today? If so, you must have had an AMAZING trading day. For those of you who haven’t seen the charts, here they are:
The trend for EUR/USD has been ambiguous for the past month or so and in the past 2-3 days, it seems to have begun its ascent to the upside once again. Hurray! We’ve been waiting for this forever, it seems. 😉 The pair rose approximately 400 pips since Wednesday. Hopefully this trend will continue next week. Keep your fingers crossed!
Have a wonderful weekend, everyone! Til Monday…
HELLO FRIENDS! My apologies for being MIA the last week, I took a mini hiatus from blogging due to the Easter holidays and such. Hope you all had a great Easter. 🙂
So, today was an AMAZING…let me repeat–AMAZING day trading Forex. Everything was moving so beautifully, it was really hard to choose which pairs to get into. I settled on GBP/JPY and made a nice chunk of change trading that. Pip-wise, it was the best out there, selling off at least 500 pips from market open yesterday. Take a look at the chart below:
Fantastic, right? It was quite a surprise that the market took such a turn, there was no major economic news out to drive this reaction at all. I honestly didn’t expect it myself, I traded for about 3-4 hours and exited my position before heading to bed, with over 90 pips in my pocket. Now, my goal is building the confidence to hold my position when I’m in a positive trade and not exit just because I feel the trend might change. Then again, I cannot really blame myself for being overly cautious because lately there has been quite a bit of choppiness in the market. Still, I am happy…I was profitable. It took all the strength I had not to get back in later, could have gotten more pips but many times getting back in turns out to be a mistake.
Remember: We must be alert at all times, you never know when things are going to take off…or break down. 🙂
Expect a reverse of trend possibly for the next couple of days. Today’s move was dramatic, odds are it won’t last. What goes up, must come down.
Hi friends! Hope everyone having a great day. 😀
As you may have noticed, the market is still in rolling/consolidation mode. Be careful when trading during this kind of sentiment in the market because before you realize a change, it will just ‘roll’ away with your money. It isn’t wise to put on a trade and head to bed when there is no defined trend, or in this case, short term trend because it seems like for the most part, we are in an uptrend but dealing with some pullback at the moment. Up one minute, down the next…it can make your head spin.
Two of the best trades out there today were: EUR/CHF long and CHF/JPY short. Take a look at the charts below:
EUR/CHF rose approximately 150 pips to the upside, not without some minor pullbacks, of course.
CHF/JPY moved approximately 160 pips to the downside earlier last night.
Check back tomorrow for my reviews on a few Forex Trading Platforms and their practice accounts! Also, I wanted to thank you all for reading my blogs, you guys have no idea how much I appreciate it! 🙂