Hello and welcome to today’s adventures in the Forex Jungle.
A happier start to the day, today. I’ve seemingly got over yesterday’s dislike and deep mistrust of Tory Politicians, for now!
But back to the market though, and there has been a lot of sideways movement in GBP/USD recently. However, that hasn’t stopped it presenting us with some good scalping opportunities, and that is what The SAS Trader is all about.
Taking a look at the Daily chart, we can see that between early November last year, up to today, the pair has been topping out at around 1.6300-1.6350. From early in November to end of December, the general trend was down, reaching a low of around 1.5350, before turning around and beginning its recent climb. This climb was confirmed by the indicators by 12th January, and it was pretty much solid for the remainder of that month.
The pair has been range bound now since early February, but as I said earlier, it has still been presenting plenty of scalping opportunities, and I have taken full advantage of that. Just lately though, the indicators are beginning to favour a weakness in the £, and the MA’s have crossed over.
So if you’re in the game for the longer term, you could well be looking at a 250-300 pip gain from this pair over the coming couple of weeks. My own thought is for an initial fall back to around the 1.5850 level, where it could well pause for breath.
As the day started on a happier note for me, my smile grew a little wider with a classic SAS trade bagging 32 pips of profit in the space of half hour. Had I sat tight, that could easily have been doubled, but I set my stall out and stuck to the strategy.
The trading account, at time of writing, is now £647.00. I may well look back in on the market after news from the US is released at 12:30, but for the time being, I have some “real” work to do. Thanks for looking in, good luck with your trades, and remember – stay happy.
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