US Session 02-05-07

A very very tricky session. I am still trying to make sense of today's price action. You will find yourself in a better position if you could remain focused on the technical side, rather than trading impulsively based on the outcome of economic news releases. My trading decision has been biased by the fundamental news, hence I made some poor judgement in this session.

GBP/USD (no position) - I know it doesn't make any sense, but looking on the technical side, it is possible to make some good pips to go short GBP/USD (buy the dollar) after the soft ADP employment report.











EUR/USD (no position) - Simply and strongly supported by firm EUR/JPY prices.











USD/CHF (-12 pips) - Basically, it had no price correlation with other currency pairs before the 3pm news. I should have avoided this pair but I went long impulsively at 3pm at 1.2146 to catch the good news report. I paid a price and a lesson learnt.











USD/JPY (-8 pips) - For no strong reason, I entered the same long position at 3pm but eventually cut losses at 1.2010.