What a wicked day! I took 2 days off from trading and this is what i saw this morning. 796 pips drop in GBPJPY, 636 pips drop in EURJPY, 416 pips drop in USDJPY, 296 pips drop in USDCHF.
Euro is a non mover. It feels like Oct 2008 today.
Stay safe in trading, trade smaller lots and remember to cut loss when things don't go your way.
Typically USD would gain strength in such situations, but lately market sentiment is shifting. Insted of USD, EUR & CHF are now treated safe havens.
This is a very recent development and could last long if conditions in US dones't change
The Inside Bar Sell Setup at 1515 for FKLI did really well. It yielded 20 points profit from the breakout sell.
Currently FKLI has reached a significant Support level, i would not take any trades in FKLI on Monday.
I will be looking for a new setup whether its a Buy or Sell setup. Do not allow today's event to have a BIAS on your trading. Always trade what the market give you, not what you think the market will give you.
I LOVE IT when there is correlation between Euro and FKLI, both dropped because of Risk Aversion events on Friday. This really confirms and give me more confidence to hold the FKLI on Friday. However booking all profits on the significant support is the safest way as i do not want to be stopped out by a gap on Monday.
Confirmation Buy Setup
This is a countertrend Buy trade taken on Euro when it confirmed. Quick +20pips profit .
FKLI Inside Bar Sell Setup posted yesterday is doing well.
Take profit when i see a bounce in the hourly chart.
Correlation between FKLI and EURO is back.
When EURO correlates with my FKLI trade, i am more confident in it.
Pips banked in my GBPNZD trade yesterday with 100+ pips profit.
Setup - Price created a new high on Monday but closed below Friday's open. Sell when price broke below the Monday's low. Bears were in control as shown in the inverted bearish hammer.