09 July No Trade

One of those days. Markets stay in very tight ranges. The only potential play I spotted was GBP/USD. I really liked the bullish action in the morning and was willing to enter long at any price dip. There was a potential entry at 1.15 pm, but the price retraced just too quickly. I assumed other traders having the same thought as me - all waiting for the opportunity to go long as well. It was impossible for me to issue that signal quick enough to you guys to take advantage of the situation. So I waited past 2 pm. And I usually don't favour entering new positions after 2 pm London time as there is so little time left for any significant price movement to happen or to recoup any losses if price doesn't move as predicted. Hence, a zero action day.

GBP/USD 5-min chart


Market pulse:

"There is nothing to alter the trend of carry trade at this point. If there is no clear signal of future rate hikes, people will continue to put on carry trades, and that will weaken the yen.''

FYI, I also include USD-JPY and EUR-JPY markets in our trading portfolio. I am not biased and willing to go either long or short depending on the daily technical situations. Let's be patience as opportunities will present themselves when the time is right.

NFP Day Results

Conservative strategy: +30 ( Approx. 3 hours holding time)
Aggressive strategy: +5

Weekly pip-count: +96 pips for conservative strategy, +140 pips for aggressive strategy

It's a shame that we could not capitalise more on this aggressive play. However, please bear in mind that volatile price swings are quite common in the event of major economic releases. And it is partly my fault too as I should have advised you to keep as many easy pips as possible during the offering of a news event. Basically, a wrong timing for being aggressive.

FYI, I will be sending out my invitations for you to receive the real-time alerts of my trading signals/ideas this weekend. If you are interested, just drop me an e-mail.

Market Pulse:

"This (Non-farm Payroll Report) confirmed the U.S. economy is much better than most of the dollar bears thought. As long as we generate 100,000 jobs a month, there's no chance for the Fed to cut rates."

Trade The News 24-05-07

European Session

Exit EUR/USD at 1.3440 for breakeven
Exit EUR/JPY at 163.20 for +7 pips

US Session

After Durable Goods Report

Exit USD/CHF at 1.2271 for -20 pips (Stopped out!)

Frustrated! Many times I found myself in trouble by jumping into a trade without good technical confirmation. Impulsive trading error.

After US Home Sales Report:

Exit GBP/USD at 1.9855 for +28 pips


Also exit USD/JPY at 1.2160 for +19 pips

Session rating:(value:+1); Accumulated so far: 4 stars