Archives for May 2021

The equity markets around the world sold off on Monday and with an already soft USD, a short was taken on the USDJPY risking 12 pips for a potential 35 pips to our daily target at 108.41

After a retest of the Asian session high early in the U.K. session, the USDJPY moved lower. We waited for it to break 2 technical support levels then entered short. The pair moved lower going into the U.S. session overlap. Price continued lower – closing below our daily target level, but retraced the next candle closing our trade.

The Core CPI economic releases are due on Wednesday followed by crude oil inventories in the U.S.

Good luck with your trading!

The market has been quite slow this past week and good trade setups have been few, and not amounted to any gains worth posting.

Today the NFP number created a large move against the already soft USD. For me, the idea was to wait for the pull back and trade the continuation wave as the DXY weakened further.

The GBPUSD had the most room among the majors to run. We entered long risking 12 pips for a potential 56 pips to our daily target at 1.3984. Price moved higher taking out swing highs to the left and closed above our target while we locked in profit along the way. Price managed to climb higher going into the London close without pulling back and we closed the trade just below the big figure of 1.4000.

Although some weeks are slower than others, it’s best to wait for a comfortable setup that meets our trading criteria than to trade for the sake of trading.

Good luck with your trading and enjoy your weekend!