Hello and welcome to today’s adventures in the Forex Jungle.
I was a little wary of entering a trade early this morning. Yesterday we seen the £/$ pair hit new highs, and I didn’t trade as I could not be convinced that we would see those high points touch. It meant that I missed out on a very good trade, but I was sticking to my mantra yesterday, which is. “If in doubt, leave it out.” I wasn’t sore at missing out; I was pleased that I had protected the trading account.
I was feeling pretty much the same early on this morning. The pair was trading above the daily pivot point, but was only moving in a 20/25 pip range on my 15 min chart. The indicators were looking pretty confused too. They did seem to start favouring a sell signal around 08:30, so I decided that if they opened below the 1.6350 pivot point, I would look to a small scalp of around 25/30 pips. I calculated a support line at 1.6309 and entered the trade @ 1.6345, with a 50 pip profit limit, but looking to around the support area to get out if the profit limit could not be reached. Happily, that trade worked out well and the profit limit was hit just after 09:30.
What did make the trade even better was the fact that I had increased the size of my stake from £1 per pip, up to £1.50. That has put an extra £70.50 into the kitty, which now stands at £791.50, and well on the way to reaching my target of being 4 figures by the end of this month.
There was no change in MPC’s stance on interest rate change today, but it is going to be interesting to see the results of the budget. Be in no doubt that Osborne is going to be talking things up, when we all actually know that the situation is really dire out there just now. Like I’ve commented on previously though, nobody can massage a figure like a politician, especially a Tory politician.
As ever, stay happy and don’t forget to tune in tomorrow. Thank you for reading thus far.
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