Monday’s are usually slow and we saw another slow paced new york session forex trading. However, i thought the weekend big oil news would drive the oil price crazy and therefore canadian dollar would move along with it. But that did not happen. Saudi Arabia ousted long-serving oil minister Ali al-Naimi. He was replaced by Khalid al-Falih, the chairman of state-owned oil firm Saudi Aramco. This news supposed to fire the cad pairs and when i saw cadjpy trending during Asia and London session, i thought big day waiting ahead.
When i opened my MT4 platform, i saw the above chart. I quickly positioned myself on a pullback and i was looking to earn at least 50 pips. However, this trade did not work out and i was punched out with -4 pips. The price was just bouncing like other pairs. bouncing around is never easy to stay with. All sorts of thoughts run through a traders mind. Once again, price action is the king here. Trade what you see, not what you hear. I had a market bias already, but i still did not move away from my strategy . It’s always good to stick with your plan.
As you can see from the chart above, London session trader had really good run to the upside. i know my friends made quite good pips even on monday. the chart was showing it will continue to go north but i did not take the trade initially as i was already in EurJpy and CadJpy. I just did not want to take another Yen pairs. coz i know if they go against me , i’ll lose from all YEN. However, when i was punched out from both the pairs, i took gbpusd from a good level and made 18 pips. I still have another trade running that is AudUsd so good news is, even though a slow market but i’m walking away with some pips in the bank.
9th may, 2016