O.K, I didn’t really take a breather, but neither did I update my trades yesterday. Before the holiday I wrote that some volatility was expected during Asian and European sessions. Turned out to be a little more than I thought. But it doesn’t mean it was all fun and games. For one, the trade I intended in EUR-CHF didn’t happen. Price moved away from my entry and that was it. I’m leaving it alone for now.
GBP-NZD was another story, though. Here it is.
My entry order was left at 2.6120, although I should have moved it down yesterday to 2.6000 or so. Failing to do that, I had to readjust my take profit target to 2.6220 from 2.6250. In the end the target was reached and exceeded if only by few pips. I got lucky here, but once you place enough trades, situations like this happen from time time. 100 pips gain.
AUD rate has been cut several hours ago from 7.25% to 7.00% and Aussie responded by falling, but is recovering nicely now. Highlight of the day. Nothing there for me now. I’m looking at some other currencies that moved a lot lately- JPY and GBP and more to the point GBP-JPY, the beast.
Looks like there is a possible reversal being built on 1H charts. I have a BUY order at 195.00. If it is filled target would be at 196.50 and maybe even secondary target of 198.00. If the price keeps falling I’ll move this order to just above most recent high on 1H charts. Now I wait.
Mike K.
