Profit: -$28.87 Total: $1,240.89
Dollar had a decent bounce today after taking a nose dive from the FOMC statement. Although the Feds showed optimism, the markets did not believe the Feds were going to raise rates anytime soon. Currently the Feds are at a tough situation where things are so unstable globally, yet the Feds can’t change their language or they will lose their credibility. The dollar dipping after an optimistic FOMC statement shows how little confidence the markets have toward the Feds. At least today’s bounce kinda showed there’s still a little conviction left. Besides the Feds, the markets will be looking at the BoJ today and tomorrow. As of now, PIMCO said they expect 30% chance of no action and 50% of disappointment. The USD/JPY should start to look very choppy during Asia session. Be careful when trading said pair.
Two days ago I was experimenting with pending orders and got burned pretty bad during the AUD CPI data release. Fortunately, freak accidents aren’t too major anymore due to better money management from the past, but it still hurts. I’ll take this as a learning experience and continue with pending orders to improve my trading. For now I’m on a gradual road to recovery and I’m certain I’ll use this event as a growing experience.