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 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! 😀
Happy Tuesday everyone! Hope you’re all having a wonderful day so far.
It’s been quite interesting, the way the market has behaved today. It’s in pullback mode. All the currency pairs that have been trending up have decided to switch courses today. Who knows how long the retracements will last, could be for a couple of days…you never know but it’s wise to be prepared for a change. What goes up, must come down…we must always keep that in mind. Even I have to remind myself sometimes because sometimes being overzealous can backfire.
Here is one currency pair you should keep an eye on: EUR/GBP as a sell. It has been down the past 4 trading days or so and I expect that it will continue to decline for at least a few more(days).
As always, keep on top of your economic data. Tomorrow’s vital data includes: Speech by the Reserve Bank of Australia(RBA) Governor, German Ifo Business Climate(EUR), Durable Goods Orders(USD), New Home Sales(USD), and Current Account Balance(NZD). These indicators can drive the market so be aware of the time they are released and watch the market reaction to the news. I plan to write a rundown on these items of information tomorrow so, look out for that. Also, don’t forget to check in on my Twitter updates…whatever I’m watching and doing that related to Forex, I post there. You can read them in the sidebar on the bottom of the page, subscribe to my Twitter accounts RSS feed, or just read the updates from the direct link . And finally, you can email me with any comments or questions…I’m always open to communicating with my blog readers! 😀 Speak with you all soon,