Good afternoon ladies and gentlemen
The trading week comes to an end today with NFP out tomorrow. The trades I have in play are EURAUD, EURNZD, and the GBPAUD which are all heavily in profit and all entered using S3. I also have the CADCHF in play using S1 which was nicely in profit but is now around entry and in and out of profit. It will be interesting to see how this is affected (even if only on an intraday basis) with the news out tomorrow. I didn’t expect much movement in the markets today with the anticipation of NFP and have been proved correct with small dojis and spinning tops being formed so far across the board.
Below I have the SGD daily which we looked at yesterday and we can see that price yesterday broke and closed just below the S line. Today’s price action is also currently just below the S line but remember that Trading is not an exact science. This could quite easily turn out to be a head fake and tomorrow may see price reverse back above. Price may also keep on dropping tomorrow as a result of the news which may take the Dumb Money in only to reverse and stop them out. The best bet is to just stay out and let the market do it’s thing, re-adjust itself from the news and then jump in for the ride once the criteria of your Trading Plan have been met.
As always, please do your own analysis.
An operating metaphor mentioned in the book I am currently reading which is used by a highly successful trader is ” It’s a game, and money is a way to keep score.”
Total abundance is our Birth Right.
Zaheer Anwari
Tags: usdsgd
