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We have a series of economic reports lining up next week. And majority of them are dollar negative. This should be an interesting week, and it might be a week with trading opportunities.
Looking at the U.S $ Index, well, one might say we are waiting for a upside breakout, but, there seems to be a negative divergence with techinical indicator.
My opinion? I am negative about Dollar.
AROUND one in five Australians plans to put their entire festive season costs on credit, a new survey has revealed.
The MasterCard Worldwide Australian Christmas Spending Survey found 60 per cent of Australians planned to use a credit card for Christmas spending, and 22 per cent expected to put all their costs on their cards.
Around 84 per cent said they would pay off the debt within three months, but Consumer Action Law Centre CEO Carolyn Bond said many with outstanding debt would struggle to pay off purchases before being charged interest.
She said Christmas was a challenging time.
– 68 per cent of women will shop online for Christmas gifts
– 63 per cent of men will shop online for Christmas gifts
– 60 per cent will use their credit card on Christmas spending
– 49 per cent will cut back on entertainment costs
– 45 per cent will spend less on holidays and travel
– 44 per cent will cut back on gifts for extended family
– 41 per cent will cut back on gifts for friends
– 27 per cent started shopping three months before Christmas
– 22 per cent will put all their Christmas spending on credit cards
Being a stingy asian, I smell blood when reading this type of report. There’s absolutely nothing wrong about using credit card. I do so. For convenience, for the sake of earning the little 55 days interests from my savings account. But… “84 per cent said they would pay off the debt within three months”..sounds good huh? That’s scary, so majority of them are not prepared, or even able to clear credit card debt immediately when the first credit card bill arrives. What’s going on here?
Christmas is the season of giving. Why don’t you give yourself a break? A break from the credit card debt.
To all my readers/advertisers/friends. Just to let you know my blog contents are stolen by a website called Sureintent.
This crap is publishing everything I write on tradergav.com.
In short, I only write on TraderGav.com.
uhm… to all bloggers. let’s find a way to punish this guy, how about that?
Firstly, if you are wondering what happened to the Short USDJPY, and Long USDCAD positions? They were all winners with profit targets hit. I am kinda lazy to post another charts to show off today. Maybe I should do that to attract some traffics. 😆
Guess what, USDJPY’s rebound at the end of last week might just provide me another chance to establish short position again next week. Let’s see. I am a little bit negative biased towards Dollar next week.
I was on a road trip with a group of friends to Mornington Peninsula, Australia. The day started with strong wind, hail, and really bad weather forecast in Melbourne. But, there was totally another world at mornington. Nice sunny, comfortable day. Man, it is always good to be away from city.
Jay at The lonely trader posted an interesting conversation with a full time trader. Good read. But, as usual, don’t start debating with Jay if you have a weak heart. 😆
I am off to enjoy my Sunday morning. Man, I think I love Melbourne.
What type of blogger am I? According to Typealyzer :
I am ESTJ – The Guardians
[photopress:estj.jpg,full,1]
The organizing and efficient type. They are especially attuned to setting goals and managing available resources to get the job done. Once they´ve made up their mind on something, it can be quite difficult to convince otherwise. They listen to hard facts and can have a hard time accepting new or innovative ways of doing things.
The Guardians are often happy working in highly structured work environments where everyone knows the rules of the job. They respect authority and are loyal team players.
H/T to Riz din
I always tell my friend about my trading strategy is “wake up in the morning, and collect profit”. Of course, that’s a joke.
The basic idea is, once the order is submitted, executed, with stop loss and profit-taking or exit orders are in place, I normally do not stare at the screen too much.
This is especially important if you are trading from Asia, or a little bit worse, from Australia. Staying up the whole night to watch your profit fluctuates doesn’t really do anything good for your overall trading performance.
H/T to Eyal, who is trading from Thailand. He listed out some points about this “strategy”. Good read.
1. It is easier mentally, I don’t really need to watch what’s happening throughout the day anyway. It serves no real purpose to watch P&L or even price action for my open positions as my trading plan doesn’t have any action steps for the afternoon.
2. Flowing from point 1, it makes it easier to actually follow my trading plan of letting positions play out and not getting tempted to tweak and play around with stops and targets. P&L is better off this way. This became evident using Stocktickr’s backtesting tool.
3. It makes it easier to wake up at a more normal time during the day when other people are awake. This also means I’m in a better mental state to trade the European session.
If you are feeling stressed because of your trading activities, you should be considering tweaking your trading routine.
If you are interested in learning more about trading, check out my Back to Basics of Trading series.
