Hello and welcome to today’s adventures in the Forex Jungle.
Yesterday I had a decent scalp early in the day, with possibilities of looking back in once New York opened. When I eventually did look in around 14:00, I wasn’t inspired to look for a trade. This was backed up around the time London was closing; when I Tweeted that it would have been more interesting watching grass grow than to sit staring at that chart!
Logging in this morning, the £ had made gains against the $ on the Asian session overnight, but the signals on my 15 min chart were pretty mixed. The pair had been trading above the Daily Pivot of 1.6099 overnight, and a quick look at the 1 & 4 hour charts prompted me to set an order to open long @ 1.6190. That order never got triggered, and am I pleased it didn’t, had it done so I would have been stopped out.
Around 08:00 the signals appeared to be changing direction, so a short order to open was set @ 1.6135. I set a profit limit of 50 pips, but would have been quite happy to take the money if the pair fell back to around the Daily Pivot. Happily the pair obliged with a full profit take of 50 pips (47 net) before 09:00.
The signals on my daily chart are still favouring a downturn, and I still feel that over the next week or two, we can expect to at least see the pair reach the 1.5850 area. But for now I’m going to continue to be a scalper. If it’s played right, it’s profitable.
News wise today; it looks like slobbering British bankers are keeping the purse strings tight, as Prelim Mortgage Approvals came in lower than the forecast 47K at 43K. They obviously needed the money for bonuses! Budget time soon in the UK. I can see Osbourne now, hunched over his books by candlelight, wondering what else he can plunder from the National Assets and the pockets of the British public. Get these maggots out!
That’s all from me today, hope you all had a good week, and have a great weekend.
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