Market Update for June 23

Yesterday was a volatile day in the forex markets as participants got bounced around by the latest headlines out of the EU. Will there be a deal with Greece this week or not? By looking at this hourly chart of the EUR/USD cross, you can see that traders just don't have a fucking clue.

[image error]

I got banged around early yesterday as I was reading the headlines instead of watching the markets reaction. I was initially down quite a bit of money and then I turned things around. I was able to turn a losing day into a winning day and that's what successful trading is all about. I just wish it wasn't so stressful. I'd like to have my nails back after all the nail biting I did yesterday.

What ended up happening was that I read the headline that a deal with Greece was likely today. I took that as good news and went long the euro. Slowly, but surely, the trade went against me. I regrouped and realized I was wrong. What I did next many don't have the stomach for. I reversed and went short the euro. I made back all my losses and then some. I can't really explain why, but I just knew to do it. My trader's reflexes kicked in and that's what I did. I'm now on a 6 day trading win streak and I hope it continues.

Today we have a lot of data on tap to drive the markets. First up is German Manufacturing PMI at 03:30 EDT. Expectations are for a reading of 51.3, up from 51.1 the prior month. At 04:00 EDT we have Euro Zone Manufacturing and Services PMI as well as Markit Composite PMI. Expectations are to be in-line with the prior month.

In the US, we have FOMC member Powell speaking at 08:00 EDT. At 08:30 EDT we have durable goods orders. At 09:00 EDT we have housing price index followed at 10:00 EDT new home sales. Expectations are for 525K new homes sold in May, up from 517K in April. After that we have the Richmond Fed Manufacturing data. The last item of the day will the Bank of Japan's monetary policy meeting minutes at 19:50 EDT.

It should be an interesting day to say the least. Hopefully I get in the trade correctly to start my day and not have to work my way out of it like yesterday. As always, best of luck to everyone and happy trading!