14.08

I’m going to call it quits for the day I think. GU continues to struggle with gaining any footing and keeps being rejected off 1.5600. It could go on for hours or snap, however I’m tired and had enough for one day, rather be fresh tomorrow than trade tired and impatient.

Good luck to everyone whose trading.

Might even give the blog a rest for a while and review things at the end of the week.

13.35

Core Durable goods orders m/m comes out at -0.6% vs expectations of 0.6%. Biggest mover is the yen pairs as the yen strengthens quickly across the board.

GU not moved significantly yet. Didn’t manage to close beneath 85 EMA so still bouncing around at the minute.

13.17

GU on the verge of closing beneath 85 EMA which could be significant for GU to fall lower. However with data due in 14 mins, anything could happen.

Durable goods orders m/m can move GU and any deviation from forecast figures will shake it.

0.6% is forecasted. +/- 1% will see GU move anywhere between 30-40 pips.

13.08

A double whammy for TUFXP, July looks set to be a losing month.

GBPUSD still rangebound for today and looking very messy. 1.5550 provided the support I thought it would and it managed to peak at 1.5611 but now sliding back down. Maybe the US data will spark it into life. Range stands at 80 pips, a break of 1.5545 will see it increase which looks the more likely option.

I won’t be touching it until it breaks that level or manages to clear 1.5625. Patience is key when trading becomes like this.

10.01

Worst fears realised as GU dumps pretty much straight after entry. TUFXP has now fired a short which it seems holds about as much hope as the long, could be a very expensive day for TUFXP at -74 pips after spread! Ouch!

Off for some dinner, will come back later and see how it’s going.

09.35

Took a little longer than I imagined but GU now powering up and 85 EMA did it’s job perfectly.

TUFXP has triggered a trade long at 1.5607. Seems a bit of a late entry but it fits my filters so we’ll see how it goes. Not 100% confident on it reaching it’s target though.

Really enjoying trading at the moment, it’s engaging, thought provoking and requires extreme discipline.

GU whipping around a bit, could get ugly for TUFXP.

09.07

GU clattered into 85 EMA now and will be a test whether or not it can recover or continue downwards. I would hope 1.5550 will provide some respite also.

Small recovery from a low of 1.5562 to 1.5574 as of time of writing.

Range stands at 64 pips so there is scope for quite a bit of movement.

BoE King speaks at 0945 BST so watch out for any volatility.

08.37

EURUSD got to 1.3041 before reversing and dropping 29 pips, a pretty good scalp from the high of yesterday.

GBPUSD seems to be repeating yesterday’s pattern of a new high pre London then dropping down and then going for another run upwards. Just need to wait and see if the run up comes. It looks prime for a long but will wait for some more verification before entering.

TUFXP yet to have a qualifying trade.

07.37

GU peaked at 1.5625 and as indicated by the scalp method has shot down 20 pips. Perfect example of how the extreme scalping method works.

I’d still like GU to touch 1.5635 area before considering any longs.

No key news until 1330 BST.

06.52

GBPUSD fires off like a bullet out a gun and surpasses 1.5600 but 1.5635-1.5645 presents a problem I think and it’s getting into a state of overbought before the start of the European session. I’ll be keeping my powder dry until 1.5635 has been hit. If GU can pass 1.5635, I think 1.5678 will provide some sort of resistance.

The 85 EMA did it’s job again late yesterday afternoon providing support at 1.5507 and GU never looked back.

EURUSD was a little disappointing yesterday with only a range of 93 pips. It’s already moved nearly half of that at 45 pips so a better day might be on the cards. Obviously 1.3042 needs to be navigated before anything else can be considered.

Weak data out of Australia as smashed AUSUSD down over a 100 pips and a rate hike looks unlikely until at least November now.