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…
Coming to the charts early (6:15 CDT) because of the EUR Minimum Bid Rate news, I find almost everything constrained to very tight (20-30 pips) ranges overnight. The exception is the GBP, which moved 60-70 pips. GBPUSD is in a clear move to the upside, and GBPJPY is near the top of the overnight range, although it just hit the top and pulled back by 20 pips. Waiting the EUR news before taking any trades. The ECB minimum bid rate…
I’m back from vacation last week with no internet (and hence no trading!). I traded on Monday (April 23) in somewhat of lackluster session that ended down <14.6> pips. That puts me starting this morning down <67.9> for the month. The goal is to end the month at BE or better (although I still have next Monday to pull it out). So far, I’m seeing a lot of USD strength and a range in the Yen pairs. But that’s based…
Starting the trading day watching the EUR pairs during the Draghi address – there’s been a little back and forth action, but nothing to amount to anything. At 7:00, before the USD news, it appears that the USD cross pairs are ranging to down, while the YEN crosses appear solidly down. Watching those, especially the ones that shouldn’t be affected by the USD CPI. Pending orders set on CADJPY and AUDJPY. Look like I missed good YL entry points on…
Trading the USD PPI news at 7:30 – seems to be pretty much a non-event from a market standpoint. Very small movement so far, and some of it (USDCAD in particular) is up and down. Standing asside. Prior to the news, EURUSD, EURGBP, GBPUSD and NZDUSD were in CDM’s to the long side, but everything else was in a range. USDCAD was in the middle of an RBO to the short side, still waiting to establish a CDM. I did…
Markets seem pretty restrained this morning, with most pairs in fairly tight ranges. Even those in CDM‘s aren’t moving a lot. News this morning is the CAD trade balance at 7:30 CDT. I took a long entry on USDCAD after the news spike peaked and then pulled back to the candle open, because it was in the direction of the overall USDCAD move, an it had pulled back enough that it would place my stop well down in the sideways…
Getting an early start due to the ADP news at 7:15. Seems like it was a pretty good miss – 241K vs expected of 210K – but there doesn’t seem to be a lot of movement, at least initially, so I’m not going to take any trades on it. After the news, I had YL trades hit on both the GBPUSD and the GBPJPY. Since they were probably being driven by moves in the shared currency (GBP), I determined if…
First, I didn’t trade yesterday because I had slept poorly the night before, and I was not in a good place emotionally. And, judging from reports on twitter, it looks like that was a good thing for my trading account. I approached this morning cautiously. There were mostly good moves overnight – 8 of the 10 pairs were in steady moves as I did my trade planning a little before 7:00 PM. But I have learned that those clear moves…