We've been as high as 109.45 over the night, now trading at 109.25.
After 40 pips in favor, I have just moved stops to lock 10 pips on small target trade (from 108.70 to 109.15) and to breakeven on longer term trade (from 108.35 to 109.05).
Short on GBP/USD at 1.8739 after poor figures on PMI/CC plus 60 min looking bearish/oversold and is that signs of a double top? Target was 1.8660, previous low, heading that way now and next target is 1.8550.
Also short on EUR/USD at 1.2497 on similar results but watching this closely and will reverse on any further news of potential interest rate change.
One of my best set ups is on a Flat Market this morning I set a couple of Buy and sell orders in with stops (Yellow) at 50 points - Also Limits at plus 100 points were set (purple) - this was 0830 this morning - I went on shift then and have just come back 13.10
Cable hit first target at 1.8660 and this gave key support all day, although this did dip to 1.8650 at one stage. Resistance at 1.8740 hit 3 times over the day. My first trade hit stop loss at 1.8680 after the 2nd bout of news from the US and after that I just kept it dead simple and followed the trend up and down this range. Great when your'e not working but quite stressful for a beginner now playing with real money!
Gave up on the EUR/USD after it failed to mirror cable (another theory blown!) and completely missed a good short opportunity.
7:19am GMT now, euro is trading at 1.2296/00, and its testing the break upside of a triangle on 4hour charts. I think if we break up, it may trigger the retest of the 1.2440 - 1.2500 area; if we break down, it should trigger retest of 1.2100 area. Lets sit tight and see what it is. As I am writing, its trying to break upside...
I wouldnt suggest to trade this break for a long term no matter which way, because markert doesnt seem to be confident enough for me yet...but its up to you after all. I will not be trading it - that is my call, but if at all - then with tight stop in place - 30 pips tops.
Anyway, I wish you all you have a great trading day! (and try to enjoy
FOMC rate decision today at 7.15pm gmt Mark....as for the reaction?? who knows mate, just be on your toes & wary of a poss spike!....also some U.S data out at 1.30 (gmt), so watch out for that also!........