Another rough day for trading and the non trending moves make it tough to trade
The damned Fed has a lot to answer for. They don't want to upset markets but their indecision isn't calming markets either. Just when you think you've caught a move it turns right around and bites you in the bum. It makes it very tough to trade
But, I'm sure there are people making money which proves the point that there's opportunities in amongst the madness for all types of traders. The key is knowing when to adjust. For me, I like to distance myself from the near term noise sometimes. Weighing up writing here and trading, if I see too much risk, I sit on my hands. There's always another trade down the line
The market waits for no man though and there's trades to be done and levels to watch
GBPUSD is sitting just above the bottom of the Sep uptrend. That's at 1.5423
GBPUSD H1 chart
Below there we have the 100 H4 ma at 1.5392, old May 2010 support at 1.5375. Stronger support lies down at the 1.5430/45 area
Mild resistance now comes in at 1.5460, 1.5480, 1.5500/10 and then 1.5530
On the face of it we're having a basic risk off day so whether it lasts is unknown. In two hours or tomorrow we could take it all back. If you're unsure what to do then take a step back. Pick your levels and keep your patience to fin your trade
