Good morning dear traders, yesterday was not my favourite trading day.
In the beginning there have been some nice trading chances in EURUSD, however later we landed in a sideways range, whereas losses have been forecasted.
I had 3 trades, with - 18 Pips.
But I´ll try to outrun those losses of yesterday.
After a range between 1.3340 and 1.3400 the direction at approx. 7:30 GMT was southly directed. Ideal for short trades.
Later on was some undecision in the markets, due to a trading day with no news and the Greek crisis at the back of most trader´s mind.
Also GBPUSD was rather undecided, and moved between 1.5440 and 1.5485. In my eyes also GBPUSD was no market for trading.
EXPECTATIONS FOR TODAY´S TRADING DAY
What can traders expect today?
The most important news for today:
06:00 GMT - Germany - GfK Consumer Sentiment 06:00 GMT - Switzerland - UBS Consumer Indicator 08:30 GMT - UK - BBA Mortage Approvals 10:00 GMT - UK - CBI Distributive Trades Survey 13:00 GMT - USA - S&P/Case-Shiller Home Price Indices 14:00 GMT - USA - Consumer Confidence
In comparison to yesterday´s trading day there will be a lot of news which could bring some more volatility and trading chances into the markets.
TRADING CHANCES FOR TODAY
EURUSD gained some pips over the night.
Today morning (4:00 GMT) the crosspair is in a range between 1.3363-1.3413.
I would see trading chances for long above 1.3430 with take-profit at 1.3475-1.3500 and stop-loss at 1.3385.
For short there could be some chances below 1.3335 with take-profit 1.3290-1.3280 and stop-loss 1.3380.
GBPUSD stayed over the night in a sideways range.
Today morning (4:00 GMT) the crosspair moves between 1.5421-1.5483.
I would see trading chances for long above 1.5505 with take-profit at 1.5550-1.5585 and stop-loss at 1.5465.
For short there could be some chances below 1.5420 with take-profit 1.5360-1.5330 and stop-loss 1.5445.
Always take care of your stop management.
TRADING TIP OF THE DAY
„If the markets are not running as you want: Have a trading break. You cannot force the markets to anything with your trading. Do something other for that day. And think that tomorrow is also a trading day, where the markets are still existing.
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I wish you all the best for your Forex trading today and happy trading !!!
Performance April 2010: 532 pips (11 trading days)
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