After yesterday’s holiday (Memorial Day), trading resumes. We have 3 sessions to the end of the month. At this point, I’m just going to trade it to the best of my ability, learn what I can, and let the results fall where they will without regard for any goals. I’m seeing a lot of clear directional moves (CDMs) as I go through the currency pairs for my trade planning, but they are tempered by a lot of back and forth,…
Coming to the charts a little late this morning and finding EVERYTHING in clear directional moves (CDMs) As @RichKay said on twitter “All in CDM. How do I decide which pairs to take?”. I’m finding the Advanced Currency Meter indicator (see yesterday’s post to be a help in that regard. I’m taking pairs that are at opposite ends of the scale. I’ve got open trades in CADJPY and GBPUSD, and pending orders in USDCAD and EURUSD. But it’s early. Now…
Kim just tweeted “Just getting to the charts… what a mess!”. Indeed it is. It’s ranges all over the place, and volatility causing different currency pairs to move into and out of the lead. I’ve added a new indicator – the Advanced Currency Meter (MQL5 Marketplace – free) that gives the relative rankings of the 8 major currency pairs. I’m trying to use it as confirmation of a trade indicated by the PATI criteria. But I sort of let myself…
It’s a peculiar morning. There is no news today, and, in fact, much of Europe is on bank holiday, according to forex factory. That argue for a very quiet market. But several pairs are moving rather sharply. I have long trades in on YL trades in on NZDUSD, AUDUSD, and AUDJPY. USDCAD broke the daily range to the downside, and went down for another 13 pips, but then pulled back up and stopped me out for <10.0> That’s probably a…
After yesterday’s disaster in the market, I come to today thankful that it’s a new day, and I can start with a clean slate. I’m starting the morning down <55> for the week, and <153> for the month. Finishing the day with a breakeven week would be a big win. The trade plan is showing most everything in a range, the exceptions being the USDJPY and the CADJPY, which are in strong moves long. I have pending orders for range…
I had morning meetings Monday and yesterday that kept me from trading the NY session. I did take one early morning trade on Monday in the GBPJPY that I took for +3.7 pips, but then gave it back on an AUD new trade Monday evening. Ended the day . I elected to trade the London session yesterday. It was a bit rocky. I was down about or so, but then some surges in the EUR and AUD brought me back…
Started off the morning with GBP rate news at 6:00 AM. After waiting for the wild swings and 20 pip spreads to die down, I took a short on the GBPJPY and watched it run down. I had an urge to jump out at about +20 pips, but I held on a while longer, and punched out with +32.4. It’s a good thing, because a range breakout on the USDJPY hit a few minutes later, and then pulled back into…
Coming to the charts early (6:00 CDT) this morning, because it looks like most everything is moving. It looks like there was some good follow-thru overnight. Let’s see if it continues into the NY pre-session and session. I have pending orders in place on AUDUSD, USDCAD, CADJPY, AUDJPY, and EURJPY. EURUSD, USDJPY, and NZDUSD have broken out and I’m waiting for them to establish clear moves. Pending orders for USDCAD and AUDUSD both hit, and are doing well. USDCAD has…
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…