Chipping away. | fxmadness.com
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October 20th, 2008 at 7:49 pm

Chipping away.

Fairly standard day, with USD getting stronger again. I think it will continue to appreciate for the foreseeable future, pretty much across the board. Only the pace will probably get slower. But since I don’t really trade on this kind of time frames (not often that is), it is not all that important. I went to work on GBP-JPY, but registered onlt one trade which netted 80 pips.
gbp-jpy-10-20.jpg
Missed second leg up and after that it was all downhill, for the “beast” that is. Another one of my orders was filled this one in GBP-NZD.
gbp-nzd-10-20.jpg
This is 4H chart, so I expected a little back and forth here, as well as few days to see this thing come to conclusion. My objective here is about 1000 pips, but a lot will depend on how long situation will unfold.
A lot of interesting news coming out tomorrow. Nothing really profound, but the announcements are coming from Australia, Great Britain, New Zealand, USA and Canada. BOC is discussing rates tomorrow. General expectation is they will drop from 2.50% to 2.00, but as always, nobody really knows. I just want to know the times of  releases. Other than that, chipping away GBP-JPY to the upside and baby sit other trades.

Mike K.

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