Understanding yourself is synonymous with understanding the markets.
Great pick on the EU swatti. I've not had much time to trade in the last couple of days unfortunately, back down to business tonight however 
I'm keeping an eye on the GBPUSD at present, there would've been a nice entry a couple of hours ago using the 61.8% fib level but we've now pushed just a little bit lower. I'll be looking to get in long with price action confirmation.
I'm not sure at this point whether I'll even look at the USDJPY tonight... the BOJ press release earlier has made things a little bit crazy. Aside from that it's just going to be high probability trades at solid levels!
Mike
I'm keeping an eye on the GBPUSD at present, there would've been a nice entry a couple of hours ago using the 61.8% fib level but we've now pushed just a little bit lower. I'll be looking to get in long with price action confirmation.
I'm not sure at this point whether I'll even look at the USDJPY tonight... the BOJ press release earlier has made things a little bit crazy. Aside from that it's just going to be high probability trades at solid levels!
Mike
Understanding yourself is synonymous with understanding the markets.
Ended up pulling the trigger on a GBPUSD long scalp, took +5.8 pips on the first one. The EURUSD had been making a reasonable move up (seemed reasonable that the GU would follow at least a small amount) and I'd say there's a fair chance the price will be range bound in the lead up to the GDP data being released in just over 20 minutes. I'll fade the tops and bottoms of these ranges over the next 10-15 minutes, however I'll be staying well clear at half past the hour. I prefer to let the dust settle before trading around decent sized news releases.
Mike
Mike
Understanding yourself is synonymous with understanding the markets.
Ok so the GDP data has come through as mildly bearish for the USD, and relatively good/as expected for the CAD. My first reaction is to look for a short position on the USD as the market has actually moved the opposite direction on many pairs (except against the CAD because of the fact their numbers came out as expected or better.
Here's the USDCAD chart, I see that continuing downwards in the coming minutes. I want to look for a long on the GBPUSD again, we'll see how things progress.
Mike
EDIT: the USD is looking too resilient versus the European currencies right now, I'm going to skip that long and wait for more opportunities later.
Here's the USDCAD chart, I see that continuing downwards in the coming minutes. I want to look for a long on the GBPUSD again, we'll see how things progress.
Mike
EDIT: the USD is looking too resilient versus the European currencies right now, I'm going to skip that long and wait for more opportunities later.
Understanding yourself is synonymous with understanding the markets.
Missed my short entry on eurusd wanted to trade the OsMA turnaround. But am on cellphone well cant trade all the time
I'm just going to leave this here... (50% fib @ .50 round level with ADX > 40 and price action confirmation)
I opted to use the USDJPY to trade this move, unfortunately that pair only moved down about 5 pips, which I gracefully took. The GU would've proffered 25 pips, while going short the USDCAD apparently would've been the best option as its fallen nearly 75 pips since my entry time...
Looks like my call on the USDCAD was spot on, I'm just not comfortable with the amount of volatility it has to be able to trade it effectively yet. For me trading isn't really about being right, because being correct about price moves and making money from there are two entirely different beasts... however it is nice when both occur simultaneously.
Mike
Understanding yourself is synonymous with understanding the markets.
That's a wrap for January. I finished the month at +11.89%, pretty happy with that result. Now onto February
I'll keep posting technical set-up ideas as I see them. The USDCAD definitely has some short options at key levels on its way up to 1.41. The 61.8% fib level, while somewhat tired, could make for a solid short position in conjunction with the descending channel. Round levels below the descending red trendline with price action confirmation will be easy shorts for me today. See chart below!
Mike
I'll keep posting technical set-up ideas as I see them. The USDCAD definitely has some short options at key levels on its way up to 1.41. The 61.8% fib level, while somewhat tired, could make for a solid short position in conjunction with the descending channel. Round levels below the descending red trendline with price action confirmation will be easy shorts for me today. See chart below!
Mike
Understanding yourself is synonymous with understanding the markets.
GBPUSD
There's a definite possibility for some trades on the Cable today. UK PMI data is coming out in 50 minutes which may help the price to a level I can fade... having said that its sitting right in the middle of a prevailing channel. I don't have much else to say about that, for me it's just a matter of picking some nice round levels with as many odds enhancers as possible.
Caution is advised, so I'll be waiting for price action confirmation on any trades today.
Mike
There's a definite possibility for some trades on the Cable today. UK PMI data is coming out in 50 minutes which may help the price to a level I can fade... having said that its sitting right in the middle of a prevailing channel. I don't have much else to say about that, for me it's just a matter of picking some nice round levels with as many odds enhancers as possible.
Caution is advised, so I'll be waiting for price action confirmation on any trades today.
Mike
Understanding yourself is synonymous with understanding the markets.
I'm in short on the GBPUSD at the moment... really in struggle town though as the price is consistently being knocked back up. Sticking to my guns with the 10 pip stop for 25 pip target. My stop is sitting pretty just beyond the 38% fib level from the last few days so I've got the best odds I could want
Mike
Mike
Understanding yourself is synonymous with understanding the markets.