Another week nearly done, one last day to have some fun
Poetry on a Friday. You can’t say we’re not cultured here.
Zero data from the US today, and only the CBI retail report left to come this morning, so inspiration will have to come from elsewhere.
A quiet day’s trading for me yesterday. A day of levels not quite getting to entry points, or the price action not being conducive to taking something on after waiting for an entry. That’s trading for you. My USDJPY Kudlow fade short worked out but it took a while. When you trade for a particular reason, and that reason then fades or changes, you have to manage the trade as if you were wrong. I expected a quicker reversal of the Kudlow jobs headline but it didn’t come, so I then moved quickly to lock in any profits and protect myself from a loss. Fortunately it worked out.
EURGBP long was a trade I was looking at in our trading room late last night. 0.8640 was a long-term level so I fancied hitting it but held off because I won’t scalp a level late in the day nor run such an order overnight. That proved to be wise as the level broke and I would have likely been stopped out. It’s bounced today so I’ll watch the PA and see if the level holds on a second test.
Other than that, I’m going to continue to keep a short-term view of things and trade the levels that present themselves. Barring any big news, GBPUSD into 1.30 looks tempting, and I’m still watching 110 in USDJPY. EURUSD is still walking the 1.13-1.14 range but the 1.13 crack last night will have weakened the level somewhat.
I hope you’ve had a good week so far, if so, don’t go giving any of it back today. Have good one.