It was a light trading day today. Had some scalps on the EUR/USD which didn’t move much, but caught a delicious USD/MXN long rally toward the end of the NY session. USD/MXN isn’t a pair I traded in the past, but lately I’ve been loving it. Tomorrow’s FOMC so it should be interesting.
The Monday opening was a bit slow until NY afternoon approached. Dollar looked like it was about to rally all morning and finally budged around 12:00. Although I lost a few pips in the morning trying to scalp out some moves, I ultimately ended the day positive thanks to the EUR/USD shorts and USD/CHF long trades I made at the end.
I noticed the EUR/USD breaking down the wedge and went for a nice scalp to the suppport zone.
It was a great spot to take profits and wait for either a bounce or break. The price ultimately bounced back up at the support zone therefore, having the perfect exit. It was a nice and simple scalp trade.
The dollar bulls kept up good work today and continued it’s rally. I had a couple long dollar scalps but volume wasn’t as good as I wanted it to be. It was a pretty slow Friday but next week should be good.
The dollar had a monetary pause followed by a pullback from it’s massive rally that started this week. The CPI data came out higher than expected but it looks like the market wants to wait for the payroll data tomorrow before committing to dollar longs. Today price action just looks like a healthy pullback, dollar still looks long.
It was also my first time trading USDMXN. I never really traded the pair because of the high margin and funky pip count, but I’m glad I got exposed to it today. My outlook on any pair is that, a chart is a chart. Anything is tradeable the same way, regardless of the subject.
Today was just a sloppy day of trading which I’m VERY disappointed in. I had a great start of longing USD/JPY, USD/CHF, and short EUR/USD. All trades that would’ve gained about 100 pips in total if I held on. I was too quick to take profit and I was too slow to re-enter… I was too busy waiting for a pullback when I should’ve taken advantage of the massive momentum. I then made another mistake on trying to catch the top for USD/JPY and USD/CHF, attempting to short the pairs and give back my daily gains. All in all I’m very disappointed in today.
Look at that crazy USD/JPY rally… all those pips I missed.
My main trades today was long USD/CAD and USD/CHF. The two safe haven currencies, CHF and JPY, continued going down against the US Dollar. This shows the market trusting the U.S economy a bit more and shows more faith in the global economy as a whole. The Pound increased today due to a nice inflation number and the EUR/USD was pretty much at a plateau. A pullback in the EUR/USD seems possible although another dollar rally would make the markets a bit more fun to trade in.
Today’s dollar rally was something I anticipated on Friday. I regret not holding my EUR/USD shorts over the weekend, but I rarely do enjoy holding positions. USD/JPY gapped open continued to head up 100+ pips, EUR/USD went down 50+ pips, and USD/CHF went up 100+ pips as well. For the most part, I was hoping for a pullback to get back in but the dollar bulls were too strong to dip. It was just short dollar long scalps for today.
Today was a rather frustrating day because the dollar showed signs of strength but there wasn’t enough volatility to break it’s bearish trend. I tried to long dollar against multiple pairs including eur, chf, nzd, and yen. In the end the dollar ended up making a new low due to lack of volume.
I tried to play the dollar long bounce today but things didn’t work out. I was able to finish the day positive but regret not taking the short. USD/JPY’s on it’s way to make new lows while EUR/USD is shoot for the stars.