All is expected to be very quiet today with most markets closed for Good Friday, and many traders having already exited for the long weekend. The European calendar is extremely light with no meaningful economic data releases, while things could get a bit more interesting into North America with the US monthly NFP employment report. Still, with equity markets closed and razor thin conditions, any movement on the back of the jobs number will need to be taken with a grain of salt until normal market conditions resume next week. Markets are forecasting a healthy print just over 200k, with no change anticipated to the 8.3% unemployment rate. Any significant departure from the consensus estimate will likely make for some choppy trade on the thin conditions.
We will sit on the sidelines. Do not trade during mixed sentiments, news, and holidays is one of our mantras.
We are traders and masters of risk. When you become pro you stop over analysing and all you do is sit there, and wait, and wait, and wait some more until you find the perfect trade. What I am saying is that the market makes all the decisions. Our only decision is to listen, feel, and respond to the market’s siren. Always and without exception. Remember, the market never lies. It is only we who lie to ourselves.
Friday, April 6, 2012
Wednesday, April 4, 2012
Stay away from markets!
Markets have been over bullish for some time and looks to be consolidation. This is a time to sit on your hands and wait for a market direction. Euro/usd has been water falling from 1.33034 ever since and looking to find a bottom. It is continuing to form a low base while heading down. We are looking for a double bottom variation at the bottom for a long setup, however signs show we maybe be bearish after all.
Market Focus for April 4, 2012 Wednesday
ADP and ISM will both offer widely watched indications for Friday's big jobs report.
Tuesday, April 3, 2012
Long GBP/USD April 4, 2012 Tuesday
Currencies fell on Tuesday, with the S&P 500 retreating from four-year highs after the U.S. Federal Reserve said it was less inclined to provide more economic stimulus.
Supportive central bank policies have been a primary catalyst for the S&P 500's surge of 30 percent since October, even though improving economic conditions have also played a part in the rally. Investors still expect a pullback, but markets have remained resilient, often cutting losses going into the close, as they did both Monday and Tuesday.
Judging by today's FOMC minutes that stress economic improvement and improvement in Europe, the Fed is moving away from consideration of further stimulus. The minutes pulled down the Dow which ended 1/2 percent lower at 13,199 and they shaved $25 from gold which ended under $1,650. Lack of new stimulus also hurt demand for Treasuries where Fed buying has helped keep rates low. The 10-year yield rose 10 basis points to 2.29 percent.
Looking for a long trade on GBP/USD
Entry: 1.58914
Stop loss: 1.58679
Target profit: 1.59643
Saturday, March 31, 2012
Trading results Mar.25.12 to Mar.30.12
Trading results Mar.25.12 to Mar.30.12
Trade 1 -$487
Trade 2 $+1144
Total net profit: $657
Total trades: 2
Winners total: $+1144
Losers total: -$487
Winning percentage: 50%
Risk to reward ratio: 1:2.3
Trade 1 -$487
Trade 2 $+1144
Total net profit: $657
Total trades: 2
Winners total: $+1144
Losers total: -$487
Winning percentage: 50%
Risk to reward ratio: 1:2.3
Trade Long GBP/USD March28 2012 Wednesday
Long GBP/USD
Entry: 1.58717
SL: 1.58470
Target: 1.59450
Units: 300000
Resulst: +$1144
Trade GBP/USD March 27, 2012
Long trade GBP/USD
Units: 1780000
Entry: 1.58763
SL: 1.58450
Target: 1.59540
Result: Stoped out at 1.58450. $-487
Subscribe to:
Posts (Atom)