Dec 01

Print this Post

1st Day of the New Month – pullbacks Ho Ho Ho

So it’s 1st week of the month, typically not a very profitable time for me historically, with so much news around and NFP at the end of the week. After the huge Euro falls last week some pullback has been expected. The EURJPY made a very technical movement at 08:00 above the daily Pivot point, but I wasn’t sharp enough to pick it up.  I went long on EURUSD at 1.3095 at 10:23 for a 40pips move but after an hour with little activity I removed the trade.  I preferred then to wait for any sign that the pullback was running out of steam intraday. I took a short on Cable at 14:18 @ 1.5586 and took the trade down to the daily Pivot and exited at 1.5556; a cute 30pips and 0.5% for the day.

It’s a very short trading month for me, just 14 days of trading prior to Christmas, so will be difficult to get any real momentum. But I will be looking at the JPY carefully this month as most Japanese Co’s are repatraiting Yen during the period, maybe less than usual due to it’s such strong value – we’ll see.

Off to Provence for a few days early Friday morning, so probably back at the Christmas Trading Desk on the 7th.

Today’s trade below :

30pips on Cable - Ho Ho Ho


If you enjoyed this post, make sure you subscribe to my RSS feed!

Permanent link to this article: http://intradayforextrading.co.uk/2010/12/01/1st-day-of-the-new-month-pullbacks-ho-ho-ho/

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>