Market Update for June 26

I didn't trade at all yesterday. There wasn't much in the way of market moving data and in respect to what I was watching, the market's reaction was muted. As you can see in this hourly chart of the EUR/USD, the market has been in a tight range for over 2 days now. This is not the type of market I like to trade. I'm looking for a trending market and one that is breaking out or breaking down.

 

It's important to understand that there is no rule that says you have to trade every day. In my younger and stupider days, I needed to be in the markets all the time. Back then I was a gunslinger and what I'd call a "trade junkie." As I've grown older and wiser (hopefully), I'm more focused on prudent money management. I'm more worried about my risk than my reward. I guess that's what happens after one loses several fortunes.

Today looks to be much of the same as yesterday. I'm not expecting a whole lot to happen. The only data release worth watching will be the Michigan Consumer survey. The market is expecting the report to be in-line with last month. The consumer expectations reading should come in at 86.9 and the consumer sentiment reading at 94.6. We'll see what the reading is and wait our customary 5 minutes before doing anything.

After that, the Bank of England's Mark Carney speaks at 11:15 EDT. The pound like the euro has been range bound for over 2 days now. Maybe Carney will say something to get the pound moving one way or another.

I hope everyone had a good week and has a nice weekend. As always, best of luck and happy trading!