Hello and welcome to today’s adventures in the Forex Jungle. I hope your weekend went well.
Taking a quick look at the news this morning, the Asian Markets did appear to be buoyant with climbs overnight, despite the military action in Libya. Positive news from Tokyo concerning the nuclear reactor situation also seemed to help push them up. However, if the situation in Libya escalates, we can expect things to become rocky, everywhere again.
On to the business of Forex now though. GBP/USD was quiet overnight, with prices fluctuating in a 25 pip channel between midnight & 07:00 GMT on the 15 min chart. The indicators began pointing to an upturn in the pair from around 06:45. From the Daily Pivot of 1.6223, I calculated a resistance line @ 1.6264.
As I needed to go out on other business for the day, I set an order to open @ 1.6225, looking to achieve a gain of 30 pips, with a stop @ 1.6195 and profit limit @ 1.6255. Returning in mid afternoon, I found that the trade had played out successfully and closed out between 10:15 – 10:30. And yes, I could have made 50 pips had I been available to monitor the trade, but 30 pips on autopilot is good enough for me.
Another happy day for the SAS Trader then. We started the day with the Trading Account at £694.00 following a successful Friday, today’s trade brings that total up to £721.00*.
News to look out for tomorrow, concerning GBP/USD. At 09:30 GMT, Consumer Price Index Year on Year data, along with Public Sector Net Borrowing is released. CPI is forecast at 4.2%, which is .2% up on previous figure. PSNB has been forecast at 6.8B. With Osborne & Co busily massaging figures, I wouldn’t know what to expect here.
That’s it from me for now, I’m back tomorrow with an update on The SAS Trader System, as ever – stay happy.
*figures have been rounded to nearest whole numbers
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