Michael Bridgman

The market was very interested in the NFP number today which was very positive for the U.S. It took a bit of time for the USD to move upward, but the majors eventually turned to reflect a stronger dollar.

We entered the GBPUSD short risking 20 pips for a potential 83 pips to our daily target at 1.2406. What appeared to be a very nice short setup with good potential stalled out early. Buyers entered at an important technical level from the daily chart and our trade was closed… but at least positive.

On Wednesday a long was taken risking 27 pips for a potential 75 pips to our daily target at 1.2480.

As price moved up, we locked in more profit and came close to reaching our daily target but we closed the trade at the UK close just shy.

Tomorrow is the U.S. Independence Day holiday.

Good luck with your trading and enjoy your weekend!

Month end tends to be volatile with exaggerated moves in either direction often appearing to be quite random.

Although the EURGBP has been trending upward, the Euro was looking weak today and it was Sterling that was looking strong.

A short was taken after the pair made a third lower high in the session requiring a 15 pip stop loss for a potential 46 pips to our daily target at .9072. As price moved lower we removed the risk from the trade by moving our stop loss to a profitable position.

Price continued lower to test yesterday’s low – a level which was also a technically significant level on the hourly chart. We closed the trade on the bounce at the European close.

Trades in the USDCAD and GBPUSD were also very tradeable today.

The coronavirus remains very prevalent in the U.S. Some states that had been reopening are already shutting certain areas back down as the infection rates had begun to soar.

Tensions between the U.S. and China are picking up again as the preferential treatment of Hong Kong is suspended due to the new National Security Law introduced by China today.

Good luck with your trading in the second half of the year!

Mondays tend to be tricky days to trade. The EURUSD tried to climb higher today but stalled around 1.1285 and a short trade was taken risking 15 pips for a potential 69 pips to our daily target at 1.1205.

As the pair moved lower, it picked up momentum after closing within its Asian session range. It managed to move down to Friday’s high but stalled and found buyers in that area. The trade was closed at the U.K. close for a good start to the week.

The USD was fairly neutral today and the question is whether the DXY can move and stay above 98.00 before Thursday’s close. Friday will be a U.S. holiday and the NFP release will be on Thursday this week.

There are a number of institutions that are long the EURUSD so look for further buying on dips to 1.1200 and down to 1.1150.

Good luck with your trading!

It was a slow week for me with a small GBPUSD gain Wednesday, that ran after we had closed the trade during some whipsaw action.

Today however the trading was very worthwhile. A GBPUSD short was taken early in the U.S. session overlap, risking 18 pips for a potential 55 pips to our daily target at 1.2323.

The S&P futures were indicating a move lower at the open. This coupled with value month end, which is typically associated with USD corporate buying.

The pair was a little slow to get going but made it all the way down to our target where we exited.

A second trade was taken 15 minutes later. A long was taken on the USDCAD risking 19 pips for a potential 50 pips to our daily target at 1.3716.

This pair moved quickly but missed our target by one pip 3 candles in a row and we gave back a few pips when it failed a fourth time.

The increasing number of confirmed virus infections in the U.S. is alarming and the headlines appear to be spooking equity investors.

The DXY has moved up for 3 days in a row and a close above 97.50 would be bullish going into the weekend.

Good luck with your trading, stay healthy and enjoy your weekend!

The USD has moved up four sessions in a row as the DXY attempts a close above 97.50.

The GBPUSD has moved lower this week particularly after the B.O.E. news yesterday. Brexit will continue to weigh on trader sentiment toward the pair through month end.

After the triple top early in the U.S. session overlap, a short was taken risking 24 pips for a potential 75 pips to our daily target at 1.2313. Price moved lower, made a slight retracement to our entry then continued lower. As price tested today’s earlier session low, it pushed lower and found buyers near the mid-figure area. The bounce upward closed our trade for an acceptable gain. The European close tends to be volatile so keeping a tight take profit is prudent.

Mondays tend to be a tricky day for trading. Keep an eye out for the latest reported new infections numbers as countries continue to re-open their economies.

Good luck with your trading and enjoy your weekend!

The AUDUSD started to move down today during the U.S. session overlap testing its Asian session low. The candle that tested the low left a long lower wick indicating buyers were entering at that level.

A glance at the DXY showed USD strength was increasing. As price began to push lower, an entry was taken risking 16 pips for a potential 78 pips to our daily target at .6836. Price plunged lower and closed well below its Asian session low. We locked in profit halfway down the large candle.

Price continued lower coming close to our target. I hesitate to get greedy especially after the European close but left the trade open. Price moved lower and our trade was closed at the target.

The coronavirus and its effect continues to be market moving and we know some days the market is more optimistic…other days more pessimistic. The very strong U.S. economic numbers today also helped the USD.

Good luck with your trading!