The dollar bulls has been keeping up a good fight but still far away from a confirmed reversal. It’s too early to long the dollar now but things are definitely at an interesting level. But the big news today was from the UK election which hit the pound pretty hard at the end of NY session. There are several outcomes that can come through from the election which will result in a lot of uncertainty for the future. Longing the pound here is would be a risky move.
I had some profits on scalping the GBP/USD before the whole fiasco but further selling does catch my eye. I’ll be looking at different pound pairs and see if they offer any shorting opportunities. As for the dollar, I’m still unsure about the bounce.
Today was an usually chaotic day with prices snapping like rubber bands. The dollar went on a huge spike up then a spike down from late London crossing over to New York session. The dollar bears are still healthy while the bulls are attempting to keep pressure. The balances between the bulls and the bears. are definitely intense
Today was a light trading day to judge price action before a dollar freak out. I just wanted to judge the momentum that was left off from the weekend. Had a couple light EUR/USD and USD/CAD trades. Nothing too crazy.
The market has been volatile in the anticipation of the employment data tomorrow. Things have been very tricky to trade while I was at fault trying to force trades. Dollar seems to be in limbo with it reacting it differently among the variety pairs. Tomorrow will be interesting for the dollar.
The dollar seems to be showing strength and has not had a major down day this week. The continuous days of rising shows that the mini rally can turn into a possible reversal. It’s going to be very important to see where this dollar pulls back to but judging by the recent price action, it’ll be fairly deep.
The dollar finished lower after the FOMC minutes due to some passive tones. A June hike is still on the table but looks like the Feds are taking it cautiously. Data will be the main deciding factor and until June, it looks like there’s a slightly uncertain potential for a rate hike. Given today’s reaction in the dollar, I would personally be wary of longing dollar here.
Last week was when dollar was heavily sold with EUR/USD continuously making previous day highs. I feel like this week is a new week where the dollar bears will take a breather and test previous supports it broke. The dollar can continue to fall but it’s very unlikely that it’ll have the same strength as last week without testing some previous levels before. I’ll be on the look out for potential reversal set ups.
The dollar is still down but I couldn’t find a good place to short because it’s still taking trend from yesterday’s move. I was waiting for a pullback to enter in a USD/JPY short but didn’t get any good opportunities. I tested out some EUR/USD short and USD/CHF longs to test a dollar bottom but still looks like it’s wishful thinking. The stock market crumbled today with the vix flying, tensions are high in the markets.
Markets still haven’t been moving much during NY session. I haven’t had the time to trade London session but since the FOMC statement 2 weeks ago, volatility has been dull. Hopefully things start to pick up and break out soon. I’ll try to trade London session again if things are continuously slow.
I took a 2 week break from blogging and trading after a big loss 2 weeks ago. During my break I was still trading but decided not to post because the markets were so slow and boring. During the FOMC statements and French elections, markets were too boring to constantly trade, in fact, I lost money by forcing trades. I’m back now and ready more than ever. Hopefully the markets can wake up and some good trade formations can form.