There was a question mark hanging over the strength of the GBP Index, which started the day strong but has been breaching the H4 chart (one month) for several days. When these overbought scenarios are repeated, profit taking can cause counter-trends against our established trends and today we saw an unusual drop in the strength of the pound from the UK open with London market movers taking profit. The fortunate thing for us is that any trend reversals seem to happen when most of our earlier trades have been completed, and today was no exception with some decent points to be had.
The Dom Short EUR/AUD behaved very well with some excellent points available, along with the Dom Long German Dax which defied some very negative data at 7am to continue our long Doms right up to the US open.
Despite the problems with the GBP, we still managed a maximum potential of 585 points from specific Max Day Trading time/price level entries from the London morning session alone, with a target of just 30.
A 10% target of this figure would have yielded a minimum of 58 net points from specific Max Day Trading time/price level entries, with many additional opportunities in the US morning (UK afternoon) and US afternoon (UK evening) sessions.
