A pretty decent move in EURGBP and 0.8667 represents a pretty fair level and a good test if this move will continue. It seems the ECB minutes has set the Euro weakness off and GBPUSD is battling to maintain hold of the 1.4200 handle. Got into a good position on GBPAUD, waiting for the final result, hopefully NY open is favourable.
I entered this trade around an hour after the UK data. 1.8270 area had proved very resiliant throughout the Asian session and earlier in UK trade and I saw no reason for it to not continue. As absolutely nothing else was developing I decided to see how far I could stretch it whilst moving the stop loss higher and higher. It missed the intended target by around 3.5 pips prior to NY open and at that point I moved the stop to +23. Decided to close it manually for +33 for a good result on a very quiet night so far.
EURGBP backing away from the key support level, will it hold into the US session? EURUSD looks a contender for a divergent trade but with the range only at 68 pips, it does have a potential 30+ pips left for going lower.
Will call it a night and be happy with the above trade.
A 12 pip range on EURUSD in 9 hours. GBPUSD barely above 20 pips in range. Think I'll check back again in an hour on the UK open.
Almost a good start to the day but missed target by around 2 pips and decided to exit at breakeven which ended up being -0.5.
GBPUSD popping in the UK open but AUD is also breaking the .7800 handle which is creating a good tug of war as to which way it'll settle.
Here's an interesting snippet. If it is to be believed and I have zero reason to doubt the data, Myfxbook tracks over $1.4 billion in funds.
Currently 10% of traders they track are trading GBPAUD. There is a ratio of 3.1 to 1 short to long. That is a huge bias and would suggest GBPAUD ultimately has further to go to the high side. Banks/institutions love to crush the retail trader and they will try and squeeze shorts very hard before a possible reversal to the downside.
The big question is....where is that squeeze point? 1.8450? 1.8500? Something I shall be watching. GBPUSD also has a huge bias with a massive 85% of traders short GBPUSD.
Good to get some green on the scorecard. The trade came very close to getting knocked out for -5 but thankfully just missed and then reversed sharply for +15.5.
A little mystified by the big EURAUD weakness and got myself in a small pickle with this setup. The first entry had several plus points going for it and perhaps I was reading too much into the fact EURAUD had plenty of scope for the upside. Price just went one way and ended up at the worst spot being -30. I had 1.5765 as my bail point for both trades.
Took a fair bit of commitment to do the 2nd trade but trusted myself and backed it and managed to close for +6.5 and +22 respectively.
Another tough week but pleased to get out of it in the green.
The last day of school holidays and Daddy day care is very pleased about that. A short 4 day week for them this week and another next week! I don't remember having so many short weeks?!
A pretty quiet start to the week, I thought there may have been a bigger reaction to the Syria strikes but the market has taken it in its stride thus far.
GBPAUD dropped a solid 35 pips from the high attained at the start of the UK session and dropped to an area where it has bounced/been held up for most of the trading day. Price formed a reasonable setup and decided it was worth the test. Closed for +18.
GBPUSD only 30 pips away from challenging the 2018 high that was set on the 25th January. US data on tap in a few minutes, and plenty of data ahead this week.
I think if GBPUSD does challenge the 2018 high and breaks it, it could accelerate quite quickly as a lot of short stops must be placed just above it and once they've been taken out, up it goes. Retail traders are still heavily short GBPUSD as mentioned a few posts back here.
Hi John, last day of the school holidays so we went to the Gold Coast today. Pet some sedate kangaroos at Currumbin and went to Kirra beach in the afternoon - nice part of the world you live in.Originally Posted by Admin
I try not to discuss politics but I really don't understand why Assad insists on the use of chemical weapons. I don't understand his intentions to instigate trouble. Russia last month with the nerve agent in the UK, Syria, Russia and Iran media spreading conspiracy theories. I don't think it would take much for things to spiral..
Hi Horne, Kirra is a lovely spot on a nice day and it was a cracker today.
I'm very anti political and very rarely discuss it but I agree with your sentiment. What blows my mind is that the State media puts out that it's a big conspiracy theory etc, I just wonder how and why people can believe that?
Why someone hasn't overthrown Assad leaves me scratching my head also.
A good way to start the day with a decent trade on GBPAUD. It still wants to climb higher and right on the European open price formed bullish divergence and it was sat right where it had stalled earlier. Closed for +12 which was the edge of the cloud.
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