Feb 28 – Market Update

Update on my open positions: USDCHF came within a whisker (about a pip) of my first target (+25 pips, [stop of 20 pips]).  Now trading at +10-15 pips.  I moved stop close to my entry.  My Gold position has been in the red most of the time but is plodding along.  The stop is still at the initial level.  This is the first time that I held a Gold position overnight.  I learned that the instrument stops trading on FXCM between 10 and 11pm, secondly the spread at that time widens from 50 pips to 300 pips.  Thus, I need to be careful with my stop setting.  If price is within 150 pips of my stop, then I would get stopped automatically.

News today – quite a bit – several USD items as well as EUR at 10am and BOE Carney speaking this afternoon.

FX Market:  Not much change in the STAM matrix – CHF lost 1 point to NZD.  Camps are still the same.  Scanned through all 28 pairs at 7am – there were no S3 or STAM setups.

Some volatility overnight in the Asian session, noteably the Yen pairs had some spikes to the downside.

Equity markets: They did put in an intraday retracement yesterday, with particular the CAC printing a long hammer pinbar. Nothing to trade though as yet, I am still waiting for bigger retracements.

Gold: This has more or less been trading sideways since the retracement that I took as an entry point.

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