I have stayed out of the markets yesterday (except for long the yen pairs) and I’m glad for it. In the past I’d be drawn into such choppy directionless markets and end up becoming stressed and anxious. This time I have avoided over-trading and the feeling is good.
There was a chance for a good entry in cable yesterday, to go long long at the bounce off 1.5220 support, but I missed it. I thought of entering again last night around 1.5270, but it was too far from support for my comfort. Never mind. Cable has jumped up today in the Asian session but with the UK GDP news out in the early London session it’s a bit risky and late to go long this pair. We will see a resolution to the recent choppiness in cable one way or the other. I will take a position after the data.
The other events that will ignite the market are the preliminary US GDP on Friday, and the likely breach of 100 by USDJPY today or tomorrow.
Meanwhile, EURUSD has indicated a system long here at around 1.3050. I have entered an order to go long at 1.3035, if it hits that level in the next few hours. If it doesn’t hit that level before London I may enter at market.
EDIT: I have decided to go long EU right now, not taking the chance to get in at a retracement.
Long $30/pip EURUSD at 1.3050; SL at 1.2980. But will be surprised if we go below 1.30 today.