Forex Tips

Sentiment today was accepting of risk in the major equity markets around the world – going into the weekend. The EURUSD benefitted, rising during the Asian session, continuing higher early in the London session, followed by a pullback and retest of yesterday’s high.

This resulted in a reversal pattern and a long was taken risking 11 pips for a potential 30 pips to our daily target at 1.2144. The trade went sideways going into the U.S. session overlap and we moved our stop loss to plus 1 pip in advance of the opening. There were a number of economic releases today with U.S. Core Retail Sales being particularly of interest to traders.

Not surprisingly, we encountered some volatility but the pair continued higher and we closed the trade at our target.

The GBP, AUD and NZD traded similarly.

Good luck with your trading and enjoy your weekend!

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!

It’s month end this week and trading can be choppy especially when combined with Jerome Powell and the FOMC statement on Wednesday.

Today a USDJPY long was taken as the pair continued to stay above 108.00. – risking 11 pips for a potential 26 pips to our daily target at 108.58 early in the U.S. session overlap.

Although this pair has not been nearly as active as the GBPUSD or USDCAD of late, it managed to climb to our target and then some… after we closed the trade at the U.K. close.

The U.S. economic data continues to be very positive overall and the infection rate continues to drop as more and more Americans are vaccinated. With the DXY closing below 91.00 since Friday, the picture remains bearish at the moment for the dollar as we will await the outcome of the FOMC tomorrow.

Good luck with your trading!