Trading Forex Today
by Trader Rich
I have 2 open positions today that can be viewed at My Trade History.
The first was a short of GBP/USD 1.7310. With the 3 hour charts showing an uptrend, I was looking for a swing off of the 38.2% fibonacci at 1.7330. Currently it looks to be holding resistance there. If the bounce doesn’t occur, I’ll stop of the position at the 1.7348, a couple of pips above today’s high.
The second trade was a short of USD/JPY at 119.53. I was trading the bounce off the recent downtrend line. Mainly the 4 hour chart shows divergence in the high price peaks and momentum high peaks.
Both are stuck in neutral territory right now (albeit a bit down)