Early fundamentals played a big part in all our currency pairs today with the annoyingly early UK data at 7am, along with German and Euro block data at 10 & 11am. The 7am UK data was mixed but the pound generally strengthened, benefiting our Dom Long pairs. However our Dom Short GBP/AUD remained short despite the positive news.
The EUR/AUD started the day Dom Short but positive German data and EU ZEW Economic Sentiment saw the Euro strengthen for the rest of the morning.
The strange one today was the German Dax. This started the day Dom Long and we witnesses what seemed to be a genuine (for a change) pre-news selloff until the data release. 10am saw a huge deviation of positive German data that would normally have skyrocketed the index after a 230 point selloff, yet there was no price spike on the announcement and the price even fell until the end of the UK morning session. I realise that a stronger Euro can counter German stock prices but not usually to this extent.
All instruments yielded excellent points in both the technical long and short Dom directions and we managed a very respectable maximum potential of 870 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 87 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.
