Wow what a day of price movement…….from 07:00 EUR and GBP dropped quickly by 50-60 pips vs USD and the JPY. Then moved in the opposite direction for 100+ pips without much room for a breather on either rally.I guess if you were brave you could have gone long on the daily pivot crosses, but you would have been against the recent trends. Morning breakouts also would have worked well today as long as you took your profits when you had the chance.
I went short on EURUSD at 08:23 @ 1.2540 risking 25 pips. I had my first target at +20 pips and Target 2 at +40 pips. The price got within 5 pips of T1, but the hovered around the 1.2525 mark for about an hour. I had an opportunity to tighten my Stop Loss to 1.2550, so now risking just 10 pips. Price never really gained traction again during the session and I was stopped out at 09:50 for a 10 pip loss.
No more opportunities on my other pairs today, so heading off for a round of golf…….1st cloudy day in weeks….what was the probability of that ?
Does make me wonder if predicting the weather is the same conundrum that faces us traders everyday but with a different label on the bottle. The weather is just as random……who would have predicted Sterling having such a bullish rally today ???