I was expected this meeting for a while (FOMC) to see what will happen with the dollar and as I taught they won’t raise rates in February. At the moment dollar is weak in my point of view and for that given reason I chose to sell it against Gold. On the other hand I’m selling GBP because the term for U.K. to pull Article 50 is close and I can see a downside on Pound. The Aussie dollar got some really bad news on expenditure so that’s why I’ve decided to sell it.
XAU/USD long @ 1237.11 with TP at 1243
GBP/USD short @ 1.2447 with TP at 1.2366
AUD/USD short @ 0.7688 with TP at 0.76
Yesterday entry orders haven’t been hit because of the low volatility in the market. I could’ve get in at the market price because I was expecting that but I just wanted to play safe(first trades of the year nobody wants a bad start). Anyway I did made 80 pips from 2 trades which is ok for the first day of 2017. I post a picture with my profit so I can show you all that I follow what I preach. I wish you a profitable trading day.
I will start the first trading day of 2017 with the following trades:
*AUD/USD long @0.71850 TP 0.72300 SL 0.71600
*GBP/USD short @ 1.2300 TP 1.22200 SL 1.23600
And two pending orders:
*USD/JPY long at 117.200 TP 117.800 SL 116.800
*EUR/USD short at 1.05000 TP 1.04550 SL 1.05300
Based on a labor market that’s progressing Yellen announced a raise increase between 0.5-0.75. Markets are trying to estimate how economy will evolve now under the new presidency.
PPI an core PPI raised to 0.4%
Retail sales went down to 0.1%
Core retail sales went down to 0.2%
USD experienced some pullbacks last night but now it gets back in shape and till now GBP/USD is the best performer. The reason this pair is the best performer is that GBP is still suffering the “Brexit” disease. The rest of the pairs are still holding up but are slowly fading while the USD bulls are getting back. Are some rumors that USD rise hike is already priced in so I want to let you know in order to proceed carefully if you want to open more trades before the FOMC meeting.
I will try to get my profits before the meeting but if the trades are not meeting my needs I will risk to go trough the meeting. I shall get in touch with you tonight to show my results.
This being said I wish you all a profitable trading.
P.S. I will add a link today where you can see the meeting live.