Although there is a lack of fundamentals this week to satisfy the needs of hungry scalpers. I think the overall position is rather like a basket ball game where it dollar against everyone else, and despite the shouting of the BOE and CBE cheerleaders, they simply cannot compete with the muscular dollar. Being supported by Morgan Stanley and even the UK’s own HSBC talking bearish (although only short term), it would appear for day traders dollar buying is a nice “safe” (nothing is safe in Forex!) trade.
So my trade this morning was an order on GBPUSD. SELL. SL 1.5100. This is the 4 hour chart so it will take a while to get down to target remembering that there may not be a whole lot of market moving going on.
Please note that I don’t place a whole lot of trades, I am only a single trader so I don’t need to work in that fashion. Although paradoxically I do have about 97 to 100 trades running at any one time through the traders I copy on eToro.
TRADE COMPLETE 27% profit, 90% of my WEEKLY target of 10% of my balance.