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 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,