Hi All,

Today is Bank Holiday Monday in the UK and in my previous post, I mentioned that I don’t like to trade the market during these times. Best to wait for the traders to come back with some volume to start again.

Well, that’s certainly for the markets which are directly affected by the UK bank holiday. In other places, it isn’t a public holiday so I looked at the charts, in particular, for something which should be affected directly by the UK holiday.

I saw a pattern in the Forex markets, specifically the USDJPY cross pair. The market has been heading downwards for a while and it looked like we currently have a countertrend play.  If you look at the 4 hour chart, the stochastics are heading higher and we had an ascending triangle pattern before the market broke towards the upside. I entered at 99.88 and was targetting 101.20 which is the 100 day MA on the 4 hour chart. However, I closed early at 100.72 for a 84 pip profit.

You can see that the market in the 4 hour now looks way overbought so it’s better to be safe than sorry.

I should get back to trading the S&P emini tomorrow!

Tags: bank holiday, daytrade, daytrading, emini, fed, forex, futures, investing, live account, makemesomemoney, public holiday, s&p, standard and poor, tca, Trading, trading academy, trading blog, trading psychology, usd/jpy

At 19.00 GMT, the FOMC made it’s announcement.. I had no  idea what they announced but the market didn’t really do that much. I entered short when the market went below a previous support level at 135000..  unfortunately, it soon bounced back up and I had to nurse a 16 price loss! Ouch!

My trade wasn’t a bad one, I had traded on break of the channel. Luck wasn’t on my side this time…. as I write, the market has broken up above the upper trend channel. If I had bought this, I could have grabbed 25 prices. However, as I had already reached my loss limit for the day, I stopped trading!

On FOMC days and other news days, you have to be aware that the technical indicators don’t necessarily work as well as they should… it’s all about about trading on momentum. The big players know where people’s entries and exits are and will try and get you where they can!

Tags: , bank holiday, daytrade, daytrading, discipline, dow jones, dowjones, emini, eminis, fed, fed reserve, fomc, forex, futures, part time trading, psychology, Spreadbetting, tca futures, Trading, trading academy, trading at work, trading blog, trading discipline, trading part time, trading psychology

It’s the US Bank Holiday today.. in these times, the volume is light and it’s easy to get spiked out so it’s not worth committing any money.

There was no real movement today, market just bounced about doing nothing in particular..

 I’ll be back tomorrow!

Tags: , bank holiday, daytrade, daytrading, discipline, dow jones, dowjones, emini, eminis, forex, futures, part time trading, presidents day, psychology, Spreadbetting, tca futures, Trading, trading academy, trading at work, trading blog, trading discipline, trading part time, trading psychology