From yesterday’s reported top at 1.2241, EUR/USD traded exactly to 1.2242 then dropped to 1.2137 or 105 pips. At 1.2137, EUR/USD was located between 1.2131 to 1.2139. While 105 pips for one leg of the trade, existed for the day, the actual trade was multiple longs and shorts. The 105 pips was a downside trade but pips were gained from previous longs.
Actual for yesterday was 2 longs and 2 shorts to profit from nearly every traded pip within the structure offered yesterday.
View my website for 2014 and 2015 and prior to the ECB interest rate changes as featured many examples to day trades by multiple longs and shorts. For longs and shorts then traded 80 and 90 pips in 1 direction as opposed to today’s 50 and 60 ish pips.
While the day trade allows for an abundance of profit pips quickly, certain days are offered trades for a 24 hour duration. Yesterday’s EUR/USD lacked criteria for a 24 trade due to small ranges and known long in advance of the day trade.
While EUR/USD was presented, 8 currency pairs are traded twice daily and 9 pairs if AUD/EUR is considered. For 8 currency pairs amounts to 80 day trades per week Then comes 18 weekly trades and traded as mutliple longs and shorts to profit from nearly all traded pips during the week.
Here’s today’s EUR/USD
1.2097, 1.2104, 1.2112, 1.2119, 1.2125, 1.2127, 1.2134, Vs 1.2165, 1.2173, 12181, 1.2188, 1.2195, 1.2203, 1.2211 and 1.2219.
Changes from yesterday include 22 pips dropped from the upside and 19 pips from the downside. In actuality, no changes.
Gold today achieved 1753 lows from reported 1815 and next target as written resides at 1728.
DXY dropped below 89.95 to 89.67 lows and the drop allowed EUR/USD to travel higher yesterday. DXY since regained 89.95 and traded to 90.45 or 78 pips from 89.67 to 90.45.
The S&P’s traded to 3801 lows. Miles of downside remain.