ForexSpirit

While it is still going to be a few days until I have home internet service again I have decided that I’m going to doing a little bit of demo trading this week. If there are more problems with my ISP I’ll be on a sabbatical forever.

I’m going to stick to more selective trades as I will only be able to monitor the trades during normal work hours and I want to attempt as much as possible to not have any positions held overnight.

Trade 1
Short GBP/USD
Entry: 1.5498
Exit: 1.5487
Pips: +11

Trade 2
Short EUR/USD
Entry: 1.2458
Exit: 1.2448
Pips: +10

Trade 3
Short EUR/JPY
Entry: 116.56
Exit: 116.46
Pips: +10

Trade 4
Short EUR/USD
Entry: 1.2546
Exit: 1.2535
Pips: +11

Trade 5
Short EUR/JPY
Entry: 118.05
Exit: 117.951
Pips: +9.9

Total daily pips: 51.9

After euro and sterling made new lows in the Asian and early London sessions, to start off the week the way it had been going all last week, there was a slight retrace during the New York session.

I was once again just looking to grab a few pips from areas where price might have a good tug of war, such as around round numbers and at easily identifiable resistance levels.

The red triangles in the charts show where I had sell orders processed and the green circles highlight where take profit orders were executed.

There was only one trade taken today in sterling, while there were two apiece in EUR/USD and EUR/JPY.

The US dollar and yen are showing continued strength with no sign of a significant retrace as of yet. With the BoJ taking the covers off the interventionist machinery and the Fed expected to cut rates once again this week, maybe there might be a sighting of a correction sooner rather than later.