OK 15 pips to make up after yesterdays bad trades. There was no clear range on the pound US Dollar currency. I noticed 2 hits on the 50 level, it then had a tight 15min spell of no moves greater than 5 pips. Each time the candle returned to opening.
This happened for 3 candles then indicated to go short. That was a false signal and the candle fully retracted followed by a green which hit 16950 again. Unlike yesterday the break was significant and as it reached 16955 I entered a long trade with entry of 16959.
(Fig:1)
Looking for 30 big ones this morning to make up for yesterday! I had to wait until 7.50am and twice I had 28 pips. I refused to close out due to how bad my trade was yesterday. I wanted to be taken out mechanically by my limit of 30 pips!
Bit risky but stop was now at plus 5 pips so it was OK to take the risk. 5 Min's later it finally reached 16989 and the Ig platform took me out of the trade. Not the pips that's important, but the execution of the trade is!
Speaking to fellow trader Richard Temple on Monday, he believes there is a synergies on the movement of Pound Dollar and the direction of the ftse at 8am opening. Apparently the ratio is 4 out of 5 so I will be watching that for the next few days!
Richard is a great friend and trades using ATM. I will be catching up in detail with him in the next few days to share our knowledge of the markets!
I didn't trade ftse this morning but the strategy yielded another 20 pips. The 9.30 news made it drop further and I think in total there was 50 pips if you were brave enough.
More Pips For All Traders!
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