Results:
German Trade Balance News
Lets talks about the News I posted to look out for last night, and how it affected the markets today. German Trade Balance results were $14 Billion, up $11.8 Billion from the previous month, this is the difference between imports and exports meaning they are making significant growth.
This caused the German Stock Exchange (DAX30) to rally up 40 points from market open at 7am from 7309 to 7349. Unfortunately I am lazy and stayed in bed until 1pm, when traders get back from lunch to observe the New York Session. Price of DAX30 went through a retracement where people taking their profits from 7am-9am caused the price to go down again due to less demand to buy. This has no impact on the market trend which was very good news, so I waited until I felt it was near the bottom for me to make my move and buy the stock.
This position was held for 4 hours and 30 minutes, and made £80 as made its move back towards the daily high.
This alongside the London Stock Exchange being in "advanced talks" with the Toronto Stock Exchange, suggesting to consolidate their market share was HUGE. Market took this negatively and immediately wiped 41 points off the FTSE100 at the start of the UK Session at 8am down to 6067 from last nights 6108. It has continued its down-trend to as low as 6044 currently. A move of 64 points.
Euro/Dollar Exchange Rate
Last night I said I would buy Euro looking for an up-trend until Thursday lunch-time, unfortunately I closed my position early afternoon as I saw what I thought was a sideways trend, where price action was not moving against the Dollar. This was closed at just above break-even so I made a measly 0.40p, and guess what happened! A few hours after I had closed it, the up-trend started like I predicted. I should have went with my trade plan and waited until Thursday and that is a lesson learned for next time. Considering I was only trading a small amount (currency pairs are extremely volatile and considering I left this on overnight I was minimizing my potential loss) I would have only made £27.20 currently but it could have been a lot more tomorrow morning!
Last night I said I would buy Euro looking for an up-trend until Thursday lunch-time, unfortunately I closed my position early afternoon as I saw what I thought was a sideways trend, where price action was not moving against the Dollar. This was closed at just above break-even so I made a measly 0.40p, and guess what happened! A few hours after I had closed it, the up-trend started like I predicted. I should have went with my trade plan and waited until Thursday and that is a lesson learned for next time. Considering I was only trading a small amount (currency pairs are extremely volatile and considering I left this on overnight I was minimizing my potential loss) I would have only made £27.20 currently but it could have been a lot more tomorrow morning!
News to look out for tomorrow:
12:00pm UK Asset Purchase Facility
12:00pm UK Official Bank Rate
1:30pm USA Unemployment Claims
That is all for now, see you all tomorrow!
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