Webring - Forex
All indices had turned positive yesterday and continue their march this morning during the European session. The risk aversion currencies such as GBP and Euro are also trading higher with GBP making new highs above it’s January highs. UK CPI figures were lower than expected which although saw a small spike down, at the time of the release had little impact on the bull run. In fact lower CPI figures may indicate that inflation is under control and all is well in good old Britain. How long will this wave optimism last? it’s difficult to say, moves above 920 area in the S&P may bring in more buyers as money piles up on the side. Some analysts are calling for GBP/USD to return to the 1.75 area.
Does all this matter no us? not really as we trade what we see, not what we think and therfore we try to eliminate all bias and just practice our methods, very small stop and exit with momentum as described in the blog about scalping. This is a good method for fast online day trading and intraday swings.
With currencies we pay attention to the pivot points and get into swing trades from those points. This morning we entered long GBP/USD on break of M3 and held half until R1, rest is still rising with stops now below M4 and trailing. Check the blog list here for currency pivot point trading.
All in all we trade price action, support and resistence and remain focused and alert.
Wishing you all a great day and successful traded.
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