LONDON CLOSE - Roundup

A fairly quiet day until the news in the afternoon which gave further strength to the EUR.
The near London close, a huge explosion driven by a massive strengthening of JPY against USD, which led to huge bullish rises in EURUSD and GBPUSD. The day's ranges in both of these pairs were the largest since early January in EURUSD and for even longer than that in GBPUSD.

If you had been holding longs from previous trades I highlighted over the past couple of weeks in EURUSD and GBPUSD you will very well positioned in profit now.

In AUDUSD the price has just returned to the Demand Zone (between yesterday's high and Wednesday's low) for a Demand Return trade (between 0.9660 and 0.9610), however there has not yet been a good entry point. Hopefully price will move back closer to the zone this evening and give the chance of a low-risk entry.

The demand zone is between the 2 upper blue horizontal lines:

LONDON OPEN - Roundup

Good morning. AUD continued its move down during the Tokyo session but has been retracing the last couple of hours. Movements right now are a bit mixed and mainly counter trend. EUR and GBP remain bullish but show signs of running out of momentum.

Yesterday's Ponshada Pins trade was stopped out for a loss. The GBPUSD Trend Engulfs trade which I was stopped out of at break even however is up over a hundred pips for anyone still in that.

LONDON CLOSE - Roundup

Today saw a general strengthening of the JPY but the prime mover was weakness in AUD.
The big down move in AUDJPY began during the Tokyo session with a 4H engulfing bar:

There were several opportunities to enter a MTFM trade from the 15 minute chart during both the London and Tokyo session. 4 winners and 3 losers giving a total maximum net gain to date of +520 pips!

There were also entries on other pairs EURUSD which was choppy (3 losers), GBPUSD (2 losers, 1 winner), and AUDUSD (1 winner).

There was a good-looking Trend Engulfs entry on GBPUSD long, which is currently in profit. I took this but exited at break even after the pin bar:

Finally there was a Ponshada Pin entry short on EURUSD which I did take. These have a high win rate although this was not one of the best set-ups due to the price action below the entry bar. It is still open and working at a loss right now, though hopefully it is beginning to turn around:

All in all a busy day.

LONDON OPEN - Roundup

Good morning. Yesterday was a very quiet day with little action or movement.
Overnight the JPY has strengthened most notably against AUD. USD has also strengthened against most other currencies but the big story as so often these days is USDJPY.

Yesterday was an inside day on many pairs so trading could be quite unpredictable and choppy today. It may well be that JPY has already made its move so be careful.

LONDON OPEN - Roundup

Overnight the AUD and JPY have weakened. EUR and GBP are relatively strong. Time to watch and wait and see how things develop over the session.

LONDON CLOSE - Roundup

A mixed session which began with USD bottoming out against JPY and the risk currencies before tracing out a textbook reversal which gained momentum with the NY open. However the economic news from the USA about 1.5 hours ago turned everything around sharply and strongly and as I write USD is significantly down especially against JPY. The big move of the day is in USDJPY.

There were two MTFM trades today, I took both of them. Firstly long GBPJPY which was a fast loser. The second which looked much more promising was EURUSD short at about 1.2990 after a reversal from the day's high. It got to about 1.2955 before reversing sharply with the news.

The good news is that if you are still in last week's long trades in EURUSD and GBPUSD (believe it or not, the only valid trades from my systems last week which I chose not to take), as I write you are up some significant pips that far outweigh the other losses:

GBPUSD MTFM +220 pips
GBPUSD Demand Return +180 pips
EURUSD MTFM + 190 pips
EURUSD Demand Return +120 pips

LONDON OPEN - Roundup

The USD has weakened overnight and in early morning trading, especially against the EUR and GBP.
If you took the late trades in either EURUSD or GBPUSD long that I highlighted on Friday (but advised to exit before the weekend close), that would be great, with GBPUSD you already hit the first profit target (Thursday's high).

The MTFM trades from earlier in the week can also still be open and in some nice profit, if you took them.

I don't see any other opportunities so far today.