This is a simple report.from John on the EA

We are not trading at the moment. “They” control the horizontal AND the vertical.


The market continued to short the USD overnight, with a big push on the AUD, the GBP, the EUR, and the CAD.

The GBPCHF and the EURCHF has been consolidating during this time.

The USDCHF is currently consolidating after its large move. After such large and aggressive moves on the other USD pairs, it is not wise to trade them because we don’t know yet if they are going to consolidate at their new price points or ‘snap back” from being oversold.

Today is the end of the month and tomorrow the beginning of May. We continue to see the last week of a month and the first week of the month as being the most volatile, and therefore the most dangerous for the ea.

So…we are not trading. Tomorrow is Friday, end of week, first day of a new month, and generally we don’t trade the short Friday afternoon market.

So…we are not trading.

The GBP came out with some healthy news this morning, beating expectations, which gave the European market a burst of energy to further sell the USD, but that burst seems to have been short lived and prices appear to be retracing. All–in-all, during the week, many of the consumer confidence reports were much better than expected, making those more risk tolerant decide to sell their US dollars and invest them in the AUD and CAD (as well as others) but particularly the AUD and CAD as they are commodity countries and have a lot to benefit from consumer confidences.

Oh, and did I mention, we are not trading.

Let the market settle down and find it feet.

Let it begin to consolidate and then we will be back at the trading desk, ready to harvest pips.

John_eaFXTrading