Mixed results, overall profit. See gold analysis
Here are the summed up results for the week:
May 10-
The Fed raised the interest rate to 5%, a move expected by all. With a little more hawkish tone, or rather keeping it's hawkish tone all in an attempt to stop the dollar sell-off. This attempt seems to have failed for the time being. The dollar rally was short lived, the eur gained 50 pips and gbp 180 pips.
I took a trade after the news, I took a ZLR on gbp 15 min chart. Failed, -30 pips for the day.
May 12-
As expected, the dollar lost more ground today falling 101 pips against gbp and 73 pips against eur.
On my blog,I said 1.90 in gbp will be hit soon. It was hit today, when gbp climbed to 1.8996-1.8999. It hit resistance there and fell, closed at 1.8945. That fall was partly caused by better than expected US trade balance report.
I entered at 1.8862, I found some support there. As I said in the forex market trading may12 preview (see my blog) , there was a good woodies cci signal - ZLR on gbp daily chart. The trade went well, and at around +50 pips I decided to go for brake even. Gbp rose to 1.90 as I said, I had a profit of +130 pips at one time, but I got to stick to the plan, the signal was at daily chart, so I should look for exit on daily, or if I'm stopped out by big adverse move. I'm currently at + 83 pips, unrealized profit. I normally don't hold trades over the weekend, but with the dollar being so weak, it seems ok, we'll see. My stop is at brake even.
Forex market trading for the eur went pretty much the same as gbp, it gained against the dollar too. Eur hit a hi of 1.2955 and closed at 1.2926. Obviously 1.30 is the next test level for the eur. The same goes for 1.90 for gbp.
