ForexSpirit

Yesterday, the first day of trading for the New Year saw a EUR-USD move to 1.3280 in the first London session of the year. The short trading week between Christmas and New Year had seen EUR-USD rangebound between 1.31 and 1.32.

The stronger euro almost reached the median line at 1.33 within my 1.31 to 1.35 grid. Various profit targets were hit on this move for four of my five open trades. All four newly closed trades were initially opened between December 13-15th.

A Q2 entry was closed out for 50 pips profit. A second Q2 was closed out for 31 pips profit.

Two Q1 trades were also closed out; one for 76 pips, the other for 128 pips.

I had to have some real patience with these trades, but I was rewarded in the end.

Expectation of a half-decent ISM manufacturing index release this morning had the dollar fall back to 1.322 during this morning’s London session. The actual release came in above expectation (51.4 actual versus 50.0 expected) which gave a shot in the arm for continued dollar bullishness.

Price since fell to 1.3160, whereupon this afternoon’s Fed meeting minutes has had little impact on things, as nothing revelatory was released. I opened a Q1 position just prior to the release and am looking for a return to the 1.32 level for some profit taking.