11 July No Trade

I decide not to trade today, although this is an exciting time when prices are running into multi-year high especially for the pound and euro. Instead, I spend some time running my system on other alternative markets such as NZD/USD, EUR/CAD, AUS/JPY, and I really like their results. For your interest, I have summarised my overall trading strategy as follows: looking for breakouts, making sure the market is active, being patient, entering at price pull back near the support/resistance level, using reasonable stops, booking partial profit, never let winners turning into losers, and also hopefully, riding on winning positions for bigger profit.

Market pulse:

"The dollar has broken lower against a broad range of currencies...the apparent catalyst is an escalation of concern regarding the US housing market outlook."

"As long as the market views these current problems (in the US housing sector) as being isolated to the US then we would expect the dollar to remain under pressure, with the euro likely to target the 1.40 usd area over coming weeks and the pound looking set to achieve our target of 2.03/2.04 usd earlier than anticipated."