One of the least eventful trading days recently. Most have been combination of Valentine’s Day on Sunday and President’s Day today. Mix in the opening of Olympics, and it becomes clear that not too many people had interest in trading. Me included. Once start of the session didn’t produce any gaps, I was out the door until evening. Placed one discretionary trade and largely took it easy for the rest of the day. Well, night in my case.
The lone trade I took was in AUD-JPY, something I’ve been following for some time now. This pair, just like most others, remained mostly stationary today, with only minor movements. My entry happened at 80.11, very good level as far as the lamentable range of today goes. Oh, yes, almost forgot to say it was a short trade. Risks are small, objective about 100 pips. Should the price manage to break the support, another sell will take place. In all honesty, I don’t have such high expectations for tomorrow.
For tomorrow I will largely focus on small time frames, 5M or 15M, no trades that don’t have a prayer of concluding in a day. Think that EUR-JPY and GBP-JPY would be best candidates. One more thing, these contracted ranges we’ve seen today suggest more action for Tuesday. I’m almost certain that markets will be more lively. On occasions like this I like to place straddles, looking for a breakout either way out of today’s extremes. Best candidates are typically USD-CHF and EUR-JPY, at least that’s what I trade. Will do it again tomorrow.
Mike K.
Mike, have fun at the Olympics, even if it seems that snow is in short supply there… Enjoy!
Thanks! Yes, it appears winter is gone from the Winter Olympics. Funny, snow is everywhere this year, except for where it is needed. Here in Seattle we have spring like conditions. Strange..
[...] me. In most instances I have an objective in mind for trades, but this time it was played by ear. Expectation was for directional moves today, as explained in last post. I simply let it run, with a bearish hourly candle putting an end to the [...]