Main movers of our forex trading performance this week were CAD, EUR, AUD and JPY
Continuing our view from week 3 2013, we were generally bullish on EUR and CHF, bearish on GBP, AUD, CAD, JPY.
Therefore, it is natural to long EURNZD or EURAUD or USDJPY, EURJPY and EURUSD still in play. Shorts in GBPUSD, AUDUSD and CADCHF/AUDCHF. JPY and CAD crosses were our best performer. Of course, we looked for shorts in Risk Forex (AUD and NZD)
Total pips 970pips. See breakdown and explanation of trades below
- AUDJPY -28 pips
- AUDUSD -45 pips
- NZDUSD -40 pips
- AUDCHF +103 pips
- AUDSGD +55 pips
- AUDUSD +83 pips
- CADCHF +176 pips
- AUDCAD +170 pips
- USDCAD +128 pips
- EURNZD +153 pips
- EURAUD +156 pips
- GBPJPY -80 pips
- NZDJPY +57 pips
- EURJPY +162 pips
- Gold -80 pips
Trading JPY overnight rates and Bank of Japan (BOJ) Monetary Policy
We were still bullish on JPY Crosses (USDJPY, EURJPY, AUDJPY, NZDJPY). Expected a continuation of bullish movement following BOJ Monetary Policy on 22 Jan 2013. TX Auto Alerts (real time monitoring of potential trades using Tflow® Concepts) fired various Upflow Alerts before announcement by Bank of Japan.
It is logical to continue buying JPY crosses as trend is still up. However, we were stopped out due to volatility during BOJ rate announcement.
JPY alerts fired below Bank of Japan Monetary Policy
loss of 28 pips on AUDJPY
Trading performance for Bank of Canada Overnight Rate
CADCHF Short Profit 176 pips
AUDCAD long Profit +170 pips (traded on daily chart)
Trade CAD data +128 pips in less than 2 days
Bullish on AUDUSD and NZDUSD continuation
We continue to buy AUDUSD and NZDUSD wary of resistance ahead but still sticking to our rules to follow bullish expansion
NZDUSD Loss 40 pips
AUDUSD Loss -45 pips
Turned Bearish on AUDUSD and NZDUSD
Following our losing trades in AUDUSD and NZDUSD longs, we turned bearish as price actions has confirmed our believe that the market is selling Risk Forex Currency.
AUDUSD +83 pips. Trade still running into other Target Profit
AUDSGD +55 pips
See our trade analysis on AUDSGD before we enter our sell on AUDSGD - Outlook of AUDSGD
AUDCHF +103 pips profit
Trading on EUR versus AUD and NZD crosses
Our bullishness on EUR and bearish on AUD and NZD led us into trades to long EURUSD, EURAUD and EURNZD. We have closed EURAUD and EURNZD trades, but EURUSD is still running (will update next week)
EURAUD +156 pips profit
EURNZD +153 pips profit
Continue Bullishness on JPY crosses after we were proven wrong in our view that JPY crosses are too high
Early in the week, I had a view that JPY crosses were too high and most of them displayed reversal pattern. However, I was proven wrong. Suffered a 80 pips loss in GBPJPY as I was too eager to short it down (placed a limit sell order). Later towards the day, I bought in NZDJPY (+57 pips) and EURJPY (+162 pips) made back all my losses in GBPJPY and made even more. This is a lesson – don’t anticipate reversal. Always stick to rules. Let me clever than the market.
EURJPY +162 pips profit
Gold & Silver Trade on Daily chart but was stopped out at break even
Gold and Silver were both looking to long on daily chart. On Gold, above 1680 was a positive sign. On Silver, above 3160 was a positive sign. Both trades were stopped out at loss. After point of entry, we were in profit about $15 for gold and about $0.30 for. Both trades were stopped out with loss of $8 (80 points) and break even for silver.
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