Day 462: Dollar midday reversal

Profit: -$18.86 Total: $924.69

The dollar’s strength continued from Friday to Sunday opening.  EUR/USD and GBP/USD both made new lows, while USD/JPY broke 108’s with confidence. Unfortunately, the excited dollar bulls came to an abrupt stop mid way and actually reversed into a dip. The dollar couldn’t find anymore buyers, but I’m sure this is not the top for the dollar; just a small pullback. Draghi was also scheduled to speak today but didn’t mention anything new.

My day went fairly well today until I lost my gains trying to long the dollar on the dips. I thought the bullish trend in the dollar would continue but kept getting stopped out. Also worth nothing that the  -$10 was deducted from FXCM as their monthly balance requirement fee. If a standard trading balance is lower than $5,000, FXCM will deduct $10 every month which forces you into switching into their mini account. A mini account wouldn’t work well for a scalper like me because the spreads are too high. I think it’s a ridiculous requirement but I still enjoy the small spreads in my standard account.

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