DAY 8: PATIENCE WINS TRADES NOT TRADING.
Welcome back to my trading page ,it's another week to reap some rewards.I am well aware markets open on Monday and probably many of you have made money already or not.Having been away for two trading days I have missed a lot but not really of a loss.
On Monday we did not have any impactful news and as the norm we created the weekly dealing range on most pairs,this is following Fridays release of NFP data which resulted in a strong dollar(DXY).
On Tuesday we had the release of PPI data which were disappointing for the dollar which resulted in a bearish DXY but we didn't break either sides of the dealing range.
Therefore to this point we note that we have not broken the weekly dealing range and we still have data yet to be released which is the CPI.
We had CPI for the pound earlier in the morning which resulted in a weak pound and the cable sold off but recovered in the later stages of the London session.
Today CPI data is set to be red hot and I would advice against trading before it's release which is 9:30am New York time and 4:30pm Kenyan time.
For the cable( GBPUSD) we are dealing in a range between 1.22500 and 1.21050.Current price at time of writing is 1.22200.One thing to remember is we have been in a downtrend in this pair and riding the wave is easier than riding against it.Clean break above the weekly high will see GBP seek higher prices but I expect a retest of the high and likely test new lows below 1.21050.
My chart is attached below for the said idea.
WARNING: THIS IS NOT FINANCIAL ADVICE.LOOK BEFORE YOU LEAP.
On Monday we did not have any impactful news and as the norm we created the weekly dealing range on most pairs,this is following Fridays release of NFP data which resulted in a strong dollar(DXY).
On Tuesday we had the release of PPI data which were disappointing for the dollar which resulted in a bearish DXY but we didn't break either sides of the dealing range.
Therefore to this point we note that we have not broken the weekly dealing range and we still have data yet to be released which is the CPI.
We had CPI for the pound earlier in the morning which resulted in a weak pound and the cable sold off but recovered in the later stages of the London session.
Today CPI data is set to be red hot and I would advice against trading before it's release which is 9:30am New York time and 4:30pm Kenyan time.
For the cable( GBPUSD) we are dealing in a range between 1.22500 and 1.21050.Current price at time of writing is 1.22200.One thing to remember is we have been in a downtrend in this pair and riding the wave is easier than riding against it.Clean break above the weekly high will see GBP seek higher prices but I expect a retest of the high and likely test new lows below 1.21050.
My chart is attached below for the said idea.
WARNING: THIS IS NOT FINANCIAL ADVICE.LOOK BEFORE YOU LEAP.
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