Tradex Forex Journal

Possible Head and Shoulders formation in progress on the GBP/NZD (1H).
If successful, target is 200 pips from the - presumed - breakout line (black line at 1.9450).

 

Out at 1.9473, 18 pip loss. Market is not cooperating.
Total for today: +32 pips.

 

Short GBP/USD at 1.2620, 34 pip stop.

 

Stop is now at break-even.
Some profit-taking activity is taking place, or so it seems.

 

Out at 1.2588, +32 pips ($320 per standard lot).
Will retry later, if price action is still valid.

 

Short again GBP/USD at 1.2602, 31 pip stop.

 

Come on, play it again Sam.

 

Out GBP/USD at 1.2575, +27 pips. Looks like the market is consolidating.
Total so far since the beginning (7 trading days including today) : +49 pips.

 

Lousy price action almost across the board today, lots of deep pullbacks or complete reversals.

 

There are still a few financial reports that could move the market today : NZD Current account at 6:45 PM, JPY Trade Balance at 7:50 PM, and AUD Melbourne Institute Leading Index report at 8:30 PM (New York time).

These are not major reports but we never know.

With that in mind let's see if we can still grab a few pips before the day is over...