Consumer confidence is way down! But pips for us are way up! We traded very conservatively today, waiting for the first five minute candle to close before we went long. Even if you missed that entry, a second opportunity was given at the swing high breakout. In either case, the sky was the limit for going long the GBP or EUR; that being the last pivot or fib extension. Live FOREX Training | Everyday! http://www.FxBootcamp.com © 2005 All Rights Reserved.
Fibs and pivots really came together today. They helped with direction, entry and exit. What more could a FOREX trader want? We traded GDP technically, even though its a fundamental annoucement. We used 5 minute candles to identify support and resistance, then traded the high probability breakout. Price busted through the fib extensions and then hit a brick wall right at the M4 reversal pivot point, just as we discussed an hour in advance. What more could a FOREX trader want? http://www.FxBootcamp.com © 2005 All Rights Reserved.
Fibonacci said up. EMAs said up. Pivot Points said up. However, trend looked like it was near or at the top... possibly getting ready to retrace. There were many fake outs today. Skill and discipline were used to stay out of several dumb trades. Eventually, with the volitility added at the London close, we finally got our big break... and it was up! © 2005 All Rights Reserved. http://www.FxBootcamp.com ... (more)
FOMC today. We need to be very careful. The closer we get to the release, the crazier the market behaves... this is additional risk. Therefore, its better to trade sooner than later and that is what we did. we saw many signals to short and we took the opportunity. No need to be greedy however. The market isn't likely to make a big move before the FED does its thing. MAP is always good enough for me! © 2005 All Rights Reserved. http://www.FxBootcamp.com
The headline number for Non Farm Payrolls was bad today. So the EUR should skyrocket... right? Wrong! Why did the USD strengthen after a terrible NFP release? Last month was revised upward by 60,000 jobs. Professionals expected a poor NFP, but no one saw this huge positive revision coming. Boom! As a result, the cable and EUR dropped. As usual, a trade opportunity developed at the close of the 5 minute candle and a break of support... or a lower low. Pivots and Fibs then predicted likely bottoms. Traded the fundamental announcement technically!
The headline number for Non Farm Payrolls was bad today. So the EUR should skyrocket... right? Wrong! Why did the USD strengthen after a terrible NFP release? Last month was revised upward by 60,000 jobs. Professionals expected a poor NFP, but no one saw this huge positive revision coming. Boom! As a result, the cable and euro dropped. As usual, a trade opportunity developed at the close of the 5 minute candle and a break of support... or a lower low. Pivots and Fibs then predicted likely bottoms. Traded the fundamental annoucement technically! Live FOREX Training | Everyday! © 2005 All Rights Reserved. http://www.FxBootcamp.com
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