A lot of mixed messages within the dollar pairs today. It looked like the dollar was starting off strong at start ,then had a dip which eventually plateaued in the end. It’s pretty usual for Friday’s to be wonky, especially for the last trading day of the month. My usually strategy for days like these are to get my pips and run.
GU and EU shorts went extremely well! I was worried because they were sitting a quite a hefty loss before it reversed into profits. My biggest regret today was taking profit so early on GU and EU, but I feel like this may just be the start of the dollar rally. With every dollar pairs weakening against the dollar, it looks like the market is preparing for a potential reversal. This is VERY exciting news. If things go right, very easy pips can be made.
The price action today was pretty messy and jumpy. There definitely was volatility for the NFP tomorrow, which I will be away for. Today wasn’t a good trading day for me and got tricked out thinking the dollar was selling off hard. It was one of those quick in’s and out days. I’ll be taking off tomorrow, going on a mini vacation. As long as the employment number isn’t too far off, I think the dollar bulls will continue to power through.
Donald Trump is now the official President of the United States. This was my first time observing the market as a trader during an inauguration. London was pretty quite and New York definitely had strange movement leading up to the close of the ceremony. Ultimately the dollar ended the session selling off which makes sense because of U.S. uncertainty.
Although the movement in the market today was funky, I was able to successfully scalp some trades throughout the two sessions, London and New York. My main focus now will be to work on my tick scalping. It’s been going pretty good so far and I like it so much better than my time candle analysis. My outlook on the dollar for next week is bearish, seeing how it closed today and the fact that we have a new mercurial president.
NFP came out lower than expected of 156k vs 175k.The low jobs report however did not stop the dollar bears from taking control. Overall, the dollar had a great day and showed some recovery. Traders definitely thought the dollar reversal was around the corner since the past few days were consistently bear dollar, but today showed that even with a bad jobs report, the dollar’s strength is not to be reckoned with.
This week has been a very sloppy week for me. My mistakes were the norm: pulling out of profits early, not entering certain trades, and entering too early. My losses would’ve been much higher than it is if I didn’t take back control and gave up. I need to get out of my holiday mode and start grinding.
Today was the last official trading day of 2016! To my surprise, the dollar had a great pump on finishing the year despite the trouble it’s been having. Although the dollar had a crazy day, I still controlled my urge of thoughtless trading and played things safe. This year has been one of the most eye opening year for me in terms of trading. It seemed like this year zoomed past and although I did end of negative, I ended up with tons of knowledge. I have no doubt in my mind that 2017 will be a profitable year. I’m ready to face it.
I’m actually surprised to say that I”ll be holding a USD/JPY long trade over for the Christmas weekend. I didn’t have much trades today thinking it’ll be wonky due to pre-holiday volatility. I learned from yesterday’s wonky volatility that it’s better not to be too aggressive. Hopefully USD/JPY works out and dollar continues it’s Santa Claus rally post-Christmas. Happy Holidays everyone.
The dollar excitement died a bit down today with GBP/USD making new highs however, AUD/USD and NZD/USD continued it’s downward path and made new lows. It looks like the dollar bulls are most likely taking it’s breath rather than the bears taking over. I don’t think the rally is done just yet.
I took a USD/JPY long trade on the dip and actually longed the GBP/USD on it’s way up. NY’s session was a bit more interesting than London’s but overall the crazy volatility died out compared to the beginning of the week. Hopefully the liquidity still hold strong till the end.
The dollar had an opportunity to rise today with the NFP data coming in very close as expected of 178k vs 177k. The data didn’t impress the traders and the minor initial rally was taken away by the dollar bears. GBP/USD was the clear winner of today, rising just a shy of 100 pips after the data announcement.Other dollar pairs were still ranging from it’s day open but pound’s rally has been going strong since this week.
I avoided trading near the NFP release today due to unwanted volatility and scalped some NZD/USD and GBP/USD longs. As the dollar continues to fall, the cases for a short term dollar reversal seem to be increasing. USD/JPY is a pair many traders are looking toward the dollar reversal and quite possibly EUR/USD may follow GBP/USD’s footsteps on it’s multi-day rallys.