What are your thoughts as we reach the crest of the week?
After being plugged into the Brexit crap for the last two days it feels like I’ve done a week already. Still, on we go and the market wheels keep turning.
GBPUSD took the votes in the negative last night but given the significance, the move hasn’t been that big. Considering we’ve had bigger moves on lesser news suggests the market isn’t overly concerned about the outcomes. No-Brexit is still possible, as is taking no-deal off the table but the chances of a deal have risen with May winning the Brady vote. Still lots to play for but the clock continues to tick.
I’ve not a lot of conviction for some pairs today. I’m currently in AUDUSD, USDSGD and GBPUSD. I’m still watching EURUSD for a move to 1.1500 but that’s not exactly breaking its neck to go anywhere. USDJPY is the same.
Pretty much most of the traders on our trading platform are scalping away. Pairs are pretty trendless right now so it’s been a case of picking the levels, having the patience to wait for them and then managing the trades based on the PA. There’s no second guessing if we’re wrong, nor taking profits if they’re there. Most of us may not be landing the big fish but the tiddlers all add up.
The FOMC is the main event today/tonight, though is likely to be a dull affair. However, there is some risk of price moving headlines, further details in the ForexFlow preview here. I’m not positioning any way for the Fed and will just look to react to the news as it comes.
So, let us know your thoughts and views in general.