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Howdy Folks,
Nothing in the way of “bargain days” to speak of tonight so on that front I’m awaiting a decent opportunity to talk about. This morning I posted some thoughts on GBP/USD ahead of the New York session and I’d like to follow up on that. First, I received a few emails and people seem to like the idea so I’ll do more as the days roll along. Second, believe it or not I actually took a long GBP/USD trade for a short period this morning that booked some profit so I thought I’d go over that one in tonight’s post.
When planning trades before the New York session I like to see the market trading near support or resistance from the previous day with a decent support / resistance or Fibonacci based profit target. Trading during an active session is a little more dynamic and things happen quickly but with a little practice you can use entry or market orders as your headed out the door. One thing is for sure though, sometimes trading on support and resistance is like running into a burning building when everybody else is running out.
As I wrote this morning I liked the support along $1.62 from yesterday and I anticipated a bit of a bounce on this level which we got. I closed my long near resistance at $1.62451 for 54.6 pips. In my opinion round number bounces are only good for 30 - 50 pips in most cases plus it was up against a nice inter-day resistance line. I really should have sold short again when the 15 minute candle closed with that gravestone / doji / “yo fool I’m reversing again” candle, but I didn’t. I hope you did!
See you tomorrow!
Ryan