ForexSpirit

I had a short bias at the start of the month which turned out to be incorrect. I was positioned with two shorts from 1.4650 and 1.4700 looking for a continued break below 1.4700. It didn’t unfold and I ended up starting the month off with two losses. C’est la vie.

Things then got interesting last Wednesday and Thursday with the Fed and ECB interest rate announcements. There were no changes in policy or rhetoric. The potential for change had driven EUR/USD up to 1.49 which in turn had triggered an Anti-Hedge entry I had waiting at 1.4872. I didn’t see a strong chance of any further follow through and thus quickly bumped up my stop loss to breakeven where I was taken out soon after.

There was indeed no break above 1.49 and I switched to going short at 1.4900 on Thursday morning. I was looking for a move back down to 1.4800 which got close to being hit when the NFP numbers were released Friday morning. The NFP caused the usual crazy gyrations in the market with no readily apparent bias winning out.

It took a while for me to digest the NFP and decide what to do about it. In the end I flipped to going back long and was happy to close out my short at breakeven. I then looked for an entry again at 1.4872.

I held that trade over the weekend and aimed for 150 pips. Price came within one pip of my profit target before falling back hitting my stop loss at 1.4972, netting me 100 pips.

Yesterday I grabbed a further 50 pips with a trade entry at 1.4957 and a profit target hit at 1.4997.

With today being Armistice Day I didn’t feel comfortable holding a trade open, as many banks are closed and thus the markets will be relatively illiquid which could result in either nothing happening or wild, crazy movements.

All told, I am currently down 50 pips for the month so far.