WELCOME TO OUR WEEKLY ROUNDUP & FRIDAYS DOM PROOF RESULTS.
Corovavirus has dominated the news these past weeks and if this wasn’t enough to contend with, Brexit is now getting thrown into the mix with less than six months to go before a deal can be agreed. Other than that we had a fairly quiet week with no big surprises on the economic data side of things. Currency volumes still remain low during the holidays and we’ll not see any decent increases until mid September.
WEEKLY POINTS TOTAL: Including Friday, there was an overall maximum potential of 2,250 points from specific Max Day Trading time/price level entries from the UK morning sessions. A 10% target would have yielded a minimum of 225 points for the week.
Friday saw the pound under continued pressure as the overbought level had reached the top of the daily chart and not just the 4 hourly. However the big news of the day was Brexit has raised its ugly head again, with several early items on the breakdown of talks leading to a trade agreement. We are well aware that our left wing London market movers don’t like the idea of a ‘no deal’ Brexit and any swing towards this will see them dumping the pound big time. Not even several items of medium and high volatility rated positive UK data could stop the price dropping off a cliff. Of course this put a spanner in all our GBP pairs which were Dom long but NOT before some very decent early trades at our usual times.
This news, along with negative EU Block data saw the euro weakening nicely against the AUD with some very good points available. The German Dax also did very well with good points on mixed data but not without the usual manic swings.
We managed a decent maximum potential of 600 points from specific Max Day Trading time/price level entries from the UK morning session alone, with a minimum target of just 30.
A 10% target of this figure would have yielded 60 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.
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