Very little action this morning. Doing the morning trade planning, I see most everything in a range or breaking out of a range. The exception is EURUSD, which had a good downward move overnight, but reversed off of the 1.1900 level, and pulled back up by almost 20 pips. Because of that strong pullback, I was a little loathe to take it. I studied it for a few minutes, thinking to jump on it when it stopped pushing up, but…
I violated two of my trading rules this morning, and paid for it. I came to the charts early, about 5:15 CDT, just to look them over and make sure they were set up for the day. I observed a strong uptrend in NZDUSD, with a slight pullback: So I took the trade. And, over the next hour, the pullback continued, and stopped me out for a <10.0> pip loss. The two rules I violated were these: Never take a…
The big item on today’s agenda is FOMC at 1:00 (CDT). That sometimes leads to a bit of a lull in advance of the news. We’ll see. I took a long trade on the GBPUSD on the USD news. GBPUSD was up pretty clearly in London trading, although there was something of a pull back, so I was looking for a way to get into it. I decided in advance that if the news was negative for USD, then I…
I didn’t trade yesterday because of another commitment, so this a new day, a new week, and a new month. In the planning, the USD appeared to be showing strength, with EURUSD, GBPUSD, AUDUSD, and NZDUSD in clear moves to the downside, and USDJPY and USDCAD in clear moves to the longside. This based on overnight action, and, as I have observed before, that has a tendency to degenerate into sideways chop in the last few hours before the market…