Forex Market - Dec 10th 2009

Posted on December 11th, 2009 by James Alliss.
Categories: Forex.

I had a very annoying day today as my USD/JPY trade was working out very nicely with some +50 pips showing on my live account. I brought the stop to breakeven. Then, 08:30 EST my stop was hit by a spike created by the US news.

The worst part about this was the fact that the market literally hit my stop to the pip and is was 50 pips away and none of the other currency pairs even moved. Then, to add insult to injury, the pair retraced immediately! It was almost like the market just wanted to take me out.

I’m not joking when I say I have seen my stop hit so many times to the pip and then retrace. No matter where I place my stop the market very often seems to gravitate towards it, take it out and then reverse. It’s almost unbelievable when you see it and how often it happens so I try my best not to use hard stops.

Looking at the pair now I still see it higher but I’m not getting back in unless I can see a safe entry.

Moving on to my favourite pair GBP/USD, it would seem that today was a confused day; the market really doesn’t know what to do so neither do I. I can not see any good trade setups at the moment so I suspect that will be me done for this week.

Liquidity is drying up as the big boys take vacation so I’m going to have to take care trading and perhaps stop altogether for December.

If I see anything worth trading then I’ll mention it here.

James.

Want to trade my signals COMPLETELY FREE?

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