Besides a 25 pip dip and round trip in USD/JPY, most other majors and, okay, crosses in general were trapped in tight ranges. The Nikkei was down 1.25% at one point and managed to have almost no influence on traders at all.
At least the comments sections were lively for the Asia session – at least we have each other.
- Crowds versus experts
- The World Cup S&P indicator
- Forecasting, ideology, and stepping outside ourselves
- Sifting through the data
- When good data is bad news for Japan’s economy
- GBP/JPY – three looks at its next move
- New Zealand released its 2014 budget and here
- Cisco forecasted gentler declines than expected and jumped 6%
- EUR/USD was looking for some relief
- David Tepper says it’s time to get nervous
- Japan released GDP data and a few other points
- Is NZD/CAD primed to break its range?
Profits this session went to scalpers as most pairs strolled slowly up and down twenty pip ranges. The data set for the European session will likely provided some desperately needed volatility. Watch out especially for the German GDP release at 2:00 EST and the euro CPI at 5:00 EST.
We filled the void tonight by discussing our different techniques for trading – timeframes, ideologies, and experts vs crowds. We put some of that to use in our look at three different GBP/JPY charts. My money is on fading a relief bounce. Meaning, let some of today’s shorts take profits off the table, and then get short from a better entry price than you’ll find now.
Japan released broadly strong GDP numbers and economic data, which further cements “we may ease more if necessary” as simple rhetoric for now. With improving data and the cloud of geopolitical turmoil in Ukraine NZD/JPY managed only to rock us to sleep in its very own 20 pip range.
Tomorrow David Tepper will potentially find more reason to be nervous if core CPI, initial jobless claims, and Empire State manufacturing index data points come up red.
Well…
There we have it! Day one of my FXL career has come to an end. Man, these FXL folk work hard. I lost two pounds simply from finger sweat. And that’s disgusting.
