Market crashed, oil soared (actually the other way around)
Today was a wild trading day for me. As I have mentioned, I have been concentrating alot on the GBPJPY pair lately, and today was no exception. For most of June this pair has been trending up. Today started continuing its up trend, and I was on board for the ride. For months I have been trying to figure out how ar this pair will go before retracing back down, I kept thinking that since the daily and weekly 200ema were virtually the same price, 214.05, that would be a good magnet for a possible top. But even after the economic news today, price only got as far as 213.90, just shy of my target. As price was topping out there, I noticed that oil again was ticking back up as the morning went on, and so the dow also continued its decline. I took profit on the GJ long trade and entered a long trade on EURUSD, this pair has been following along with oil price fluctuations quite nicely. My scalping self wanted to short GJ, but I was wary of trading against that trend, plus I was tired from a long week, so I avoided GJ, set my limit target on EURUSD at 1.5751, the M1 pivot, and took a little nap. Well, two hours later my EURUSD hit the target, but man oh man, that GJ fell all the way back to the weekly pivot, about 200 pips! Oil has made a new high at $140 and thus the dow fell big today. Tomorrow might be interesting..