Day 518: Inflation’s looking weak

Profit: -$1.27 Total: $339.47

The USD/JPY long trade I had yesterday was correct, I was just too early to exit. I really need to draw out every support lines and then adjust my stop loss accordingly. Today was a bad day for the dollar after the Feds shared their views on a poor outlook for our 2% inflation. The odds of a rate hike dropped to 33.6% from 43.8% and thus killed the dollar. It looks like the dollar recovery is over and the dollar bears may take over.

Day 516: Quiet day but dollar holds up

Profit: -$16.67 Total: $352.21

It was a weird and fairly quiet Monday for both London and NY. The dollar bulls held it’s ground but wasn’t necessarily overpowering. My biggest mistake today was trying to chase trades when prices were going sideways. I also fell for an EUR/USD short trade during late Asia time, which is known for fake outs. My focus is still on EUR/USD and USD/JPY and seeing if dollar is going to survive.

Day 513: Dollar’s holding

Profit: $2.47 Total: $371.03

Dollar’s still holding onto it’s gains which is a good sign. It’s been multiple days for the EUR/USD and other dollar pairs to keep it’s down trend. New lows are being created which shows that the dollar may have found a nice support. For now I’m going to take cautious shorts on EUR/USD and GBP/USD in hopes it’ll drop more.

Day 510: NFP brings dollar up!

Profit: -$9.91 Total: $353.28

It was such a messy unemployment day. I was sleep deprived for London and knew I didn’t want to trade during data release so I slept in until the chaos settled. After oversleeping, I woke up to a crazy market and missed the entire drop on the EUR/USD. I tried my best to long scalp the dollar but price didn’t really go up for EUR/USD. GBP/USD had a better short opportunity but I was too focused on EUR/USD. Unlucky day. I except the dollar to bounce a bit more but so far EUR/USD is recovering it’s drop.

Day 506: Dollar bears continues

Profit: -$3.99 Total: $377.01

The dollar bears go for another leg down and the dollar pairs continues to make new record highs/lows. It’s looking tough for the dollar to find a support but it’ll be sooner or later. For now I’m scalping small moves within small time frames and waiting for a bigger macro moves within the market.

Day 504: Suspicious Dollar recovery?

Profit: $4.67 Total: $385.76

After such a heavy dollar sell off yesterday, the market had a tease with the market. By the end of today’s sell off, there were some strong dollar longs especially with USD/CAD and USD/CHF, which I mainly traded. Lets see if this trend holds for multiple days and continues on for next week. I’m suspicious but hopeful. Be cautious because it’s times like today where traders get trapped thinking there’s a full on reversal. I personally like to wait 3 days of continual strength for a confirmed reversal.

Day 503: Yellen kills the dollar

Profit: -$1.44 Total: $381.09

Dollar had a sharp sell-off today after the FOMC statement with EUR/USD hitting a new 2 year high. The Feds left the rates unchanged, said inflation was still lower than 2% and said the next hike will be “relatively soon”. The key word, relatively, providing mystery and not much detailed promises. The strength of the dollar bears have been incredible for the last couple months and looks like it’s still going. For my trading, I personally kept it minimal since the market was slow and for a possibility that it can get chaotic post-statement. Now that dollar picked it’s trend, I’ll see if I can short scalp the dollar on it’s way down.

Day 502: Turning point

Profit: -$2.52 Total: $382.53

It’s been a hopeful opening week for the dollar and looks like a possible turning point. Especially in EUR/USD, price is at a major selling zone and there’s a lot of downward pressure. IF this week continues well for the dollar, there are TONS of pips to be gained.

Possible EUR/USD selling.

Day 501: Boring, dull market

Profit: -$9.70 Total: $385.05

Today was one of the most boring trading days we’ve had in a while. The dollar is at a detrimental low but a lot of traders are looking for a bounce recovery. The EUR/USD looked like it was about to dip today and tricked me into shorting it prematurely. Going to have to wait for prices to settle and to pick a direction to move.

Day 499: Unlucky…

Profit: -18.49  Total: $395.11

Overnight I saw the GBP/USD building up for a wedge breakout and had a pending short in place. I made a horrible beginner’s mistake and set the stop loss a bit too tight. I wasn’t even planning on holding a position overnight, but the set up looked too good. Lesson learned here is ,once again, give your stop losses room to breathe.

I had a pending short right below the wedge support, but my SL was taken out right at the circled wick. I guess my inital entry wasn’t the best either, I didn’t take the spread into account and got hit slightly early. After waking up to my loss and opportunity cost of pips, I wasn’t in the proper mindset to trade.