There is absolutely no signal on the radar. A little hesitation on GBP/JPY (short) this morning but markets have been so much in a range for the past weeks, best to stand aside and remain patient.
Apart from a few pairs nothing is trending. It looks like one of these consolidation phases when my momentum system underperforms. This is an indication to remain on the sidelines unless clear signals appear and real trends start initiating. Let’s be patient, some significant news events are on the docket for the end of the week, that might get things moving again. Safe trading to all.
Good morning, I have to entries this morning.
One on NZDJPY and the other on CADJPY (see graphs) :
To know more about my methodology, read about it here.
Trading in January yielded few trades (8) with only three winners, however the R:R ratio stood at 4.1 making it a winning month : 3.18%. These monthly figures are available on a historical basis here.
Took two winning trades quickly before going to work this morning. Setups were very good. Kept risk very low at around 0.5%. Take profits were also placed at R2 since I could not monitor my trades during the day. I must say both trades could have yielded much more (at least double, as shown on below graphs), buoyed by UK Central Bank announcements.
First trade was on GBP/USD : +80 pips
Second Trade was on EUR/GBP : +58 pips.
As of yesterday my account is nearly up 5% for Jan, a very good start to the year.
Took a 73 pip loss on my short EUR/NZD trade.
The pair is prone to quite a lot of whipsaws.
Exited my long USD/CAD with a 195 pip gain. The profit is close to 4R. A very good signal with good momentum. I never give back that kind of profit to the market, my money management works that way.