Dollar is looking like a wounded animal this premarket morning. I'd like to see a pullback with an entry signal which for me is a crossing of the orange and red lines on the screen. Possibly a long AUDUSD pairing (technically shorting the dollar) since AUD is a +6 and USD is a -7 in my power rankings.
Trade active
GBPUSD long for 30 pipsTrade closed manually
It immediately folded over so that means I immediately get out. That is the problem with trying to "trade the trend," but it's no problem. Only a 15 pip loss so moving on. Trade closed: target reached
Reentered GBPUSD upon my signal and got 30 pips. Price was in limbo until the news event. +15 pips on GBPUSD todayTrade closed: target reached
USD def waited until news to move. If I am being honest it was wearing my patience a bit thin especially on the AUDUSD trade since it kept trying to squeeze me out, but I don't exit unless I see my exit signal and AUDUSD is a prime example of how you have to stay in the trade no matter how uncomfortable it makes you, unless it triggers an exit signal. I knew I had strength on my side so it was a matter of waiting them out Also of note is GBPUSD, it tagged me out first then some wonky stuff before eventually going up to my profit area. USDCAD is still open, but I am thinking since it had a rate announcement and there is a chance we make a move for the equal lows further below. I am using that as the draw on liquidity anyway so I am hoping it will squeeze me out 30 pips. It ran 25 in my favor already so I'll just wait and see.
Note
I forget to add the chart lolTrade closed manually
Capital protection mode activated Closing the trade since it already ran 116 pips and I am not in the mode to sit through potential drawdown. Note
Final note: 78 pips bagged on USD today. No need to trade anymore so I am going to let the AUDCHF trade do what it's going to do, but no more new trades. 194 pips total today for me across, USD, AUD, and GBP. Booyah!Note
One more update for post game analysis: This is why playing defense is just as important as playing offense. A move will time itself out so while I didn't get 30 pips even though it ran 25.4 in my favor, I didn't have to cut for a loss. Just like in poker in that you have to know when to hold and when to fold. Given the time of day, I decided to fold and it was the correct move. Onto tomorrow
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.