After yesterday’s rather tedious GBPJPY fail. (which will retrace but annoying) as Japan decided to leave things alone and not introduce another raft of QE (which would have shoved GBP up further) my focus will be on EURUSD and USDJPY today. There is USD news later on with USD GDP and as the EUR gdp is down (negative numbers at the moment) one would hope the US GDP could get on it’s horse and ride into the sunset!
Incidentally I’m not putting trades on till after 9AM as there is still chattering about the JPY going on and EUR data.
I’m looking to get in at about 9:01 provided the MACD charts on the hourlies are in the right place. Then I should have enough in them so that if USD GDP is good which is expected. (3% from 0.4%) then we should see a nice move up. Provided that is not in the price already as these things often are. I do wonder if we might see a repeat of yesterdays surprise figures.
Mental note: set TP nice and high so you get the maximum from any big bullish move. An early TP and a SL are both as bad as each other because with both you don’t maximise the investment placed.
Okay having looked at the charts I placed the USDJPY now, but EURUSD can wait till one minute before because it’s horizontal. Remember that the EUR and USD currencies are the largest in the world.
I’m going to buy dips of USDJPY for now as well. EURUSD I always feel is too volatile for safe trading (there’s no such thing as safe trading with the FOREX, anything can happen!). Which is great if you are a volatility trader (you know who you are Martin!), but I like stability and not having to watch it all the time.
Have a great day everyone.