After what seems like an eternity, Pound has finally found some legs. Very nice run against USD, CAD, JPY, CHF even gains on Euro, well, small ones. I’ve been trading pound crosses a lot, or at least trying to. There was no Pound specific news, that I’m aware of. Regardless, this boost is welcome.
There is a small change in my shorting EUR-GBP.
There are to sell trades now, one at 08980, with an objective of 0.8895 and another at 0.8875. Target for this one is 0.8780.
Trading of GBP-JPY also had good results.
Total of 3 trades today, two winners and a looser. For now I’m still shooting for 60 pips on these short term trades. Yesterday I covered CHF-JPY. Order was filled and I’m in. There really is not much more to cover, I expect to sit on it for a few days.
I’m adding one more order, a sell in AUD-NZD.
Order is placed at 1.1940, with a 150 pips objective. Once more, this is a 4H chart, so this potential trade will be given some time. Also, depending on how things unfold, target might be extended to 1.1670-50. Another order, or set of orders, covered yesterday, NZD-CAD is still valid and active. Neither of the orders was filled as price stalled in 0.6800 area.
Busy day tomorrow on fundamental front, with few number releases out of UK, and, of course, FOMC rate decision. I will want to be done before that one. This is the end of my day, and I just watch how the markets react.
Mike K.
With the FOMC rate decision most people are planning for big moves( as I understand it). You, on the other hand, don’t want to trade at this time. How come? Are you not passing on some big opportunities?
I never trade news releases. By that I mean not entering into new positions because I’m guessing what the release is going to be. Besides, with FOMC announcement, this is normally the end of my day. My hat goes off to people who trade these things. They can have it. I’ll sit on sidelines.
Speaking like a man with experience, mate. Better stay away during economic news releases. In the long run, miserable way to trade.
Does it mean you think there is going to be a whipsaw action, and that’s why you are avoiding it?
Andy, I don’t know what will happen and I’m not trying to predict it either. This particular annoncement (FOMC rate) will likely cause some movement, but the spread will widen, slips are normal etc. Emotions will be high. I do my best to avoid emotional trading.