Today was a boring day to trade in the Forex market because the dollar bull rally had a small halt. It was interesting because although the dollar bulls had a break to breathe, it seemed like the dollar “pullback” was very forced. The bulls were definitely stubborn to keep the dollar going but was just out of momentum. This still shows bullishness in the dollar but also showed that there aren’t a lot of dollar buying compared to the beginning of the week. Excited to see how the dollar will end tomorrow, hopefully it can make new highs.
Today was a funny day because the dollar started off really strong, and even had a rally after core durable goods orders came out as expected. I was able to long dollar against yen and the peso but had to take profits off quick because dollar pullback back and stagnated until late afternoon. I took some small scalps here and there but closed them out because market wasn’t moving much. I have a small USD/JPY and USD/MXN long that I’ll hold overnight because they still showed signs of bullishness post NY session. Dollar still looks very bull.
There was a whiplash action by the dollar after Yellen spoke about the U.S economy. She was worried about inflation, as usual, but also said the low inflation is only temporary. Yellen also reiterated about “gradual adjustments” but also said that the outlook looks uncertain. The dollar had a whiplash movement but ultimately ended on a good note. Dollar bulls still looks pretty good from here.
Things were interesting and confusing in the dollar because there wasn’t a sure winner against the bulls and the bears. The markets opened strong with a nice push by the dollar bulls but there wasn’t any momentum left for NY. Slow Mondays are not uncommon so it was hard to tell what direction the market was heading. Im holding onto a long USD/MXN due the pair breaking so many important resistances.
The dollar’s hanging in there but there wasn’t enough momentum to create any significant moves. I had a small loss today but could’ve easily ended positive if I held onto my last EUR/USD shorts and USD/CAD longs in the afternoon. I hate holding onto trades on Friday afternoons because they literally take ages to actually move. Liquidity is so painfully long. All in all, I’m getting my rhythm back in the markets and this was an all around positive week.
Had some attempts to long dollar to see if the momentum from yesterday will keep going. Unfortunately, yesterday’s post FOMC dollar buying came to a halt as dollar pairs hit their supports and resistances. Right now dollar’s pulling back but it’s too early to tell if it’s a reversal or pullback.
Here’s one example of dollar pairs reaching resistance. It’ll need heavy momentum for a nice break followed by a rally.
Today was an absolute boring NY opening and I was stupid enough to force trades. I know I shouldn’t have been trading when things aren’t moving, but I had an itch for trades. Due to my boredom pre-FOMC trading, it costed me some pips, but luckily I was able to gain some of my losses back after the FOMC chaos. The dollar looks nice and healthy, looks like there will be potential long dollar trades tomorrow.
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.