Interesting days trading unfortunately missed out on NYO as had to work this afternoon, but see Pres78 had a nice trade on GBPNZD, nice one pres78.
One other observation about todays markets, have a look at my GBPNZD chart below. Looks like the markets were playing some sort of Ping-Pong game with GBPNZD today doesn't it??? Asia took it up, London took it down and then New York took it back up again.
Now I know I've mentioned this before but it does look like they are sort of playing into each others hands doesn't it? Guess there were a lot of Asian traders holding some nice buy positions when London opened, ready to sell at the drop of a hat, which of course provides a nice bit of liquidity for our London boys. Then when New York opens the Good Old London Boys are looking to dump their sell positions so providing a nice bit of liquidity for the new York buyers!!!
Anyway doesn't matter why it happens the point is can we take advantage of it and make ourselves a few pips into the bargain??
Well here's what I'll be doing going forward, on my morning analysis I will be looking at my 5 min TT's to identify any strong over night trenders, will also checkout their 15 min CCI's to see how overbought or sold they've gone overnight. Just like I did this morning when I identified GBPNZD and EURNZD as prime candidates as they were top of my 5 minute TT's. (see post 1124 above) And as you can see GBPNZD certainly pulled through on that score. Once we've identified the overnight TT's then its just a matter of keeping an eye on them for our reversal signals and take it from there. Could provide some nice little profits for us with a bit of luck....
One other observation about todays markets, have a look at my GBPNZD chart below. Looks like the markets were playing some sort of Ping-Pong game with GBPNZD today doesn't it??? Asia took it up, London took it down and then New York took it back up again.
Now I know I've mentioned this before but it does look like they are sort of playing into each others hands doesn't it? Guess there were a lot of Asian traders holding some nice buy positions when London opened, ready to sell at the drop of a hat, which of course provides a nice bit of liquidity for our London boys. Then when New York opens the Good Old London Boys are looking to dump their sell positions so providing a nice bit of liquidity for the new York buyers!!!
Anyway doesn't matter why it happens the point is can we take advantage of it and make ourselves a few pips into the bargain??
Well here's what I'll be doing going forward, on my morning analysis I will be looking at my 5 min TT's to identify any strong over night trenders, will also checkout their 15 min CCI's to see how overbought or sold they've gone overnight. Just like I did this morning when I identified GBPNZD and EURNZD as prime candidates as they were top of my 5 minute TT's. (see post 1124 above) And as you can see GBPNZD certainly pulled through on that score. Once we've identified the overnight TT's then its just a matter of keeping an eye on them for our reversal signals and take it from there. Could provide some nice little profits for us with a bit of luck....
Feel the Fear and do it anyway!!!
. Trade safe my friend.