2021-07-29 • Updated
15M Chart
Daily Chart
In our FOMC Meeting live coverage on YouTube yesterday, we sent out a short signal on USD/JPY around 25 minutes after the decision and right before the press conference. The short signal was at 110.20 with a pending order to short again at 110.40. Many traders said the same thing “the dollar is going up, look at the reaction since the Fed decision”. Yet, I decided to short USD/JPY not just because I want to, but after reading the Federal Reserve statement, which showed NO change and no new information about tapering. USD/JPY dropped from 110.20 all the way down to 109.67 and we moved the Stop Loss to entry a few minutes after USD/JPY dropped below 110.0. So far, we are +50 pips in profit, and with the Stop at breakeven, there is nothing to be worried about. The lesson that many learned in yesterday’s live coverage is the following “Do not react to the initial reaction, always read the Fed’s statement, wait for a pullback and then join the trade, reacting to the initial reaction won't make you a successful trader”. Enjoy your profits.
|
S3 |
S2 |
S1 |
Pivot |
R1 |
R2 |
R3 |
|
109.69 |
109.74 |
109.79 |
109.84 |
109.89 |
109.94 |
110.00 |
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Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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