It’s been an interesting and active week for the financial markets as we get closer to the U.S. election.
I haven’t been comfortable taking any trades this week until today. Patience is often rewarded in trading and impulsive and undisciplined trading is frequently punished.
The continued strength today in the USD made multiple pairs tradeable but the key is not to be too greedy. Fear and greed are a trader’s worst enemies.
As the GBPUSD moved lower after testing its Asian session high, a short was taken risking 25 pips for a potential 75 pips to our daily target at 1.2926. This trade had downside momentum and continued downward going into the U.S. open. After the pair breached our target as the equity markets got underway, it was closed when it retraced with some volatility.
The EUR, JPY and CAD also had nice setups today.
My charts usually indicate the UK open and close, but this week with the time change which will be resolved this weekend, I have left the charts alone and they are indicating the European trading session, which begins and ends an hour before London.
Keep your seatbelts fastened as we await the election results. There are a lot of opinions as to which direction the markets will move based upon the election results… once known. Do your own analysis and trade what you see not what an analyst/writer forecasts.
Good luck with your trading!
