The Day Job Trader

Trading a longer time frame helps fit trading into your schedule while you move from day job to full-time trading. Learn to trade longer time frames with Ryan O'Keefe.

Or subscribe via email:

Next webinar

Using Fibonacci ratios to manage your trades efficiently
by Sunil Mangwani
November 23, 10:00 GMT
Register for the webinar

FXstreet.com Weblogs

Links

GBP/USD Testing Support…

Posted on September 1, 2009 at 7:47 in From My Trading Desk by Ryan O'Keefe

Howdy Folks,

Well it’s a new month and another great morning to trade. I thought I’d add a new feature to the blog today by posting a morning New York session thought on GBP/USD whenever I see something interesting to talk about. If you like this idea, let me know and we will do more of them. Last night I talked about $1.62 potentially holding support and this morning we see the round number and it’s demand level getting quite a test. The big GBP/USD sell off overnight was apparently triggered by PMI data that missed the market, at least that is what the financial press wants to attribute it to. Perhaps, but one thing I’ve noticed about fundamental shocks is the price action is usually not sustainable unless the data is a huge game changer. So the question is, will $1.62 hold or not? I have an angle on this I’ll share as the day unfolds but this is definitely a demand level worth watching in my opinion.

Best of luck today!

Ryan

4 Responses to “GBP/USD Testing Support…”

on 01 Sep 2009 at 2:59 pm1Darren

Hi,

I’ve followed the link but it is not obvious where you register for ther webinar??

Help Thanks
on 01 Sep 2009 at 6:19 pm2Ryan O'Keefe

Hi Darren,

That link was for an seminar that has already passed. I’ll post a new link on Friday although there may not be a seminar next Monday as it’s a holiday here in the U.S.

I post a link every Friday though so there will be another.

Ryan
on 02 Sep 2009 at 2:05 pm3Darren

Hi Ryan,

Many thanks for your reply.

On a slightly longer note. I have been paper trading on the GBP/USD & EUR/USD for the past year with mixed results. I am trying to devlop a plan which enables me to trade in the evening.

Initially I was trading using the fundamentals but due to volatility i’ve been using the news as well. The problem is due to the volatility i’ve been finding the news is hampering my progress rather the providing entry and exit signals.

Apologies if this is not the right forum to post on. I would sincerely appriceate any advice you can offer.

Darren
on 02 Sep 2009 at 6:59 pm4Ryan O'Keefe

Hi Darren,

I’d be happy to help you out, I sent you an email.

Kind Regards,

Ryan

Trackback URI | Comments RSS

Theme by Forex Street Powered by Wordpress

The comments and posts published in this blog ARE NOT trading recommendations. They can NEVER be considered as trading calls or advices. If you decide to use the information offered here for your real trading it is at your own risk.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.