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…! 😀
Hope everyone’s having a splendid week so far. It seems to be a bit dragging for me, especially on the trading end. Not so many AMAZING trades going on out there. Trust me when I tell you that there are trades out there but hardly any that you would expect to hold overnight unattended. I lost a bit of money a couple weeks ago due that error, which made me upset and angry with myself. After a bit of mourning(those of you who have experienced the sheer agony of a big loss know what I’m talking about)I had to decide that I could not let this market eat me alive. No way, no how. So, somehow I had to bring myself back from the brink of near madness and give it another go. It’s all a learning experience, as it should be. We all make mistakes sometimes, and have got to roll with the punches instead of completely falling apart. Am I right? 🙂
So, as previously mentioned, the market has been in rolling stages for the past few days. Here is a typical chart for you to observe:
Most times when we are in a rolling trend, most trades do not last more than roughly 3-6 hours maximum. It is up to us to be aware of what is going on and always be prepared for a sudden change in direction.
Also, let’s not forget that we have to pay special attention to any economic data that may come out whose effect could swing the market in the opposite direction. Tomorrow economic calendar includes:
CHF: Libor Rate 12:30am PST
GBP: Retail Sales 1:30am PST
CAD: Core CPI 4:00am PST
USD: Unemployment Claims 5:30am PST
That’s about it for today, guys. If you want to know what I may be trading tonight, check my twitter page Have a wonderful day, everyone! 😀
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…
..except for moves in GBP/JPY, GBP/USD, GBP/AUD, and EUR/GBP. GBP/JPY moved most significantly of all dropping approximately 300 pips.
Nothing else to report today. Let’s see if any of the pairs rebound.
Hey everyone! Happy Tuesday to you all.
The market is pretty unstable at the moment, I’m sure you’ve all noticed. I decided early on that it wasn’t worth me risking capital to trade today. We shouldn’t chase every pip, sometimes it can cause regrets. In my experience, those kinds of regrets can sting really badly. Yowch. You have to know when to take chances and when not to. It’s all about money management, remember? 🙂
There were a few pairs that did move like GBP/JPY, AUD/USD, EUR/GBP to name a few, but not significantly or with much stability. It was either a steep climb or not an unsteady descent. Yeah, so like I said…I didn’t trade today. Everyday, I have my mind ready and rearing to trade but at times, these things don’t perform the way we would want them to so it’s best to stay out and hold unto your money. I am not a scalper, after all. Grab a few pips here, a few pips there. That kind of trading is not my cup of tea, it’s too fickle and inconsistent for my liking.
Yesterday, I predicted that the market would stagnate and indeed it did. It’s the way of Forex market, it is expected that after a huge move, that the next few days things may cool off a bit. Here’s to hoping it doesn’t last for the entire week!