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.
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.
The EUR/USD overnight trade didn’t work out as planned, but pretty much took profit at break even due to low volatility. However, a dollar comeback does look quite possible especially with the USD/JPY recovering today and EUR/USD not making any new highs. I want to see USD/JPY continue making lower lows and higher highs tomorrow and I feel like that’ll set up trades for next week. GBP/USD already crashed, its time for EUR/USD and USD/JPY to catch up. I have another short EUR/USD I took during Asia and I’ll hold it overnight.
Today was a pretty mild day except a couple GU short trades I got stuck with at the end of the day. If you look at simplistic line chart of GU, it’s pretty clear where the pair is heading.
I found this imagine on twitter and thought it was a great way to see the market. You can see EU is stuck in a parabolic wedge swing but GU is in a nice pattern of a strong down move > rest > strong down move > rest etc. Therefore, I decided to hold my GU shorts over the weekend. It’s in the reds right now but I’ll hold.
The dollar is still carrying it’s weight especially with the USD/JPY creeping it’s way up. The dollar bull’s attempts are still pretty weak but it’s showing some signs of growing strength. There’s some heavy BoE news for early tomorrow that’ll definitely have an affect in GBP/USD. Lets hope the markets keep it juicy.
EUR/USD is at a very important zone where a deep pullback is more than likely to happen. The ECB doesn’t favor a strong Euro and the Dollar does not reflect U.S.’s improving economy. Even if EUR/USD is destined to break out and rise above, I think a pullback is highly probable.
I caught a short position pretty early, but the speed of the fall rate is pretty slow. I have my stop loss in place and hopefully it falls south from here.