The famous Yogi Berra quote, It’s deja vu all over again, must have been in at least some Forex traders’ minds at the open of today’s New York session. Selling pressure on the US dollar began at that time, as it had on 6 of the previous 7 trading days, and the euro rose to the occasion after a big post-FOMC move the previous day. A bounce at support at the start of the session was the pitch, and it looked like a grapefruit to those traders whose bias was up. The outcome was a 300-pip homer.
BOHANAN
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MEEHAN
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HAVERLAND
Two opposing trendlines converged on the GBP/USD during today’s European session to form a triangle, the apex of which was due for arrival in the early part of today’s New York session. Traders who spotted the setup found a conservative long trade entry after the breakout — in the direction of the prevailing trend and the market’s latest stint of dollar selling — during the hour prior to the start of the session. Fortunately, U.S. GDP news did not ruin a good thing, as the move ultimately produced a profit of between 70 to 80 pips (depending on entry) for traders who exited at the psychological level prior to the European close.
GUTTER
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STROLE