Hello and welcome to today’s adventures in the Forex Jungle.
Arriving at my desk and logging on this morning, the indicators on the 15 min chart were giving absolutely nothing away. They were practically flat lining. A look at the 1 & 4 hour charts was showing that prices were still going up.
Once Frankfurt opened for business at 07:00, I started seeing a bit of movement on the 15 min chart, with the indicators now also heading north. However, I could not be convinced to enter into a trade, even with all 4 time frame charts pointing to a climb.
The reason being that the highest GBP/USD has reached in the past year has been mid 1.6300’s, and the price was approaching that mark. Regular readers will know that my thoughts are towards a downturn in the pair, and nothing was going to change my mind on that. Not yet anyway! So to go long on this occasion would have been a leap of faith too far for me.
How wrong could I have been! I’m not sorry I missed out on the move though, I am pleased that I have been retaining my discipline and not trading for the sake of it lately, and I had set my stall out early. I will have a look tomorrow as usual, but with no guarantee of placing a trade. It could be worth sitting it out again and waiting to see what the reaction to Osbornes’ budget is going to be.
So no gain in the kitty today, but more importantly, no loss. Stay happy all.
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