Wasn’t too bad a day today, my trades have all basically paused while the USA are on holiday.
Luckily the US doesn’t take that many holidays or this could make trading really boring!
The UK sold off a little but didn’t really penetrate any major support.
Meanwhile, I am keeping my eye on Gulf Keystone as I would really like to see this retrace and set up a higher low. We have inside bars on the 4 hour chart again and this to me shows that the buying is on hold for now. The re-tracement isn’t however happening… last time I looked at the volume it was above 6 Million shares traded and the price had only dropped from yesterdays close by about a penny. There are rumours galore on the online Bulletin Boards as to why the volume over the last few days has really picked up. As soon as there is a pause in the price action you can see the doubt come in. If there is a retrace to known support I know a few people that will see this as a Bullish sign. I am hoping to get in when a daily price action sets up to the bull side.
My FX trades have all moved in the right direction today, though not very far. I have several others pending as the market would appear to be starting to trend or at least be on the cusp of a trend. If I can get in on a couple more I’ll be very happy. The CAD pairs are all looking like they want to move, so these are the ones I am concentrating on other than my 2 NZD trades.
Looking forward to tomorrow and Friday. Some good news coming out which will hopefully make the market show its true hand.
Good luck all.