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NZDUSD

Trade of the day 08-June-2010 : $NZDUSD short

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I opened few short positions during since early London session, and they came to fruition during early U.S session.  I decided to share $NZDUSD trade, which was a fast, and aggressively sold off. I have waited for few hours for Kiwi dollar to pull back , and I decided to pull the trigger when it struggled around Friday’s low. 2 profit targets were achieved, with last portion of the position is still trailing.

Here is the CHART. I thought it was another simple trade. (mind you, I said SIMPLE, but not EASY…. 🙂 )

A $AUDNZD trade

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I received a couple of tweets asking about AUDNZD. The question is summarized : Is it UP or Down? or Bullish or Bearish? As usual, I don’t answer this type of question. If you have been trading for sometime, you know why I do not answer these questions.

Have a look at AUDNZD daily chart, it is not hard to see why I am interested in getting into short position. There are mountains ahead in the bigger time frame, such as daily. Experience told me there should be some opportunities for the pair to be stopped, retraced before it actually tries to break through.  In addition, I am also holding Long position of NZDUSD.  Of course, this analysis can be very wrong at times, but, who knows in definite the pair is going UP or Down? Get yourself out quickly when it is wrong.

Anyway, I shorted AUDNZD slightly below 1.29 level and looking at  mid1.27ish zone as target. I have taken some profit off the table and moved stop to break even before the market closed for weekend.

Next week I will be looking to buy some AUDNZD if it manages to hold it well around 1.27-ish zone.

Here are the daily and 4-hour CHARTS.  (Click on the chart to view full chart)

Is it time now? A look at GOLD ($XAU)

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I exited my AUDUSD long position earlier today with small loss. The entry was too early. However, I am still looking to build long positions of AUD, NZD and CAD (by Short USDCAD). Let’s see how this strategy works out. Basically, my approach is to test the market, if it does not work out, I run, building another position. No scalping though. OK, I am talking too much now.

I had a look at GOLD. This is another reason I am interested in building long positions of commodities currencies. Well, though this is not the only factor. Take a look at Daily and 4-hr, what do you see? Is it going to break or bounce?

Here is the chart (click to view full chart)

Here are some technical figures:

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$NZDUSD :Catching the falling knife?

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I start to buy some Aussie dollar and looking to buy Kiwi dollar soon. Oh well, you can say I am catching the falling knives. So what? What would be the worst case if I am wrong? Got stopped out, that’s it. What so tough about that? 🙂

Anyway, here is 4-hr chart of NZDUSD. I am looking at few touches of the support zone, and start buying some to test the support. Let’s see.

Weekly wrap up 15-May-2009

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It is Friday!

I managed to make some trades this week. CHFJPY, NZDUSD shorts are the winners of the week while I missed out some short term trades in AuDUSD, AUDJPY, NZDJPY. Having in the slightly ‘difficult’ situation recently, unpleasant day job, family issues, stress were building up faster than I imagined,this situation put me in some sorts of tests. I learned heaps. And fortunately, not in the hard way.

And most importantly, my overall trading survives. Having strategies in place for different time frames and market conditions, it helps to maintain profitablity consistently. My overall objective is to always maintain profitable week if possible. I asked myself ‘Why would I bother to continue trading when I am in such difficult condition?’ My simple answer: Why not? I took a day or two off to rest, however, I don’t see the need to stop working just because I am under stress. In addition, I know I am prepared to trade. All I need to do is to execute the plan. OK, let’s don’t go into the lame topic,’The imporatance of trading plan’ BS. The point is, as long as you know what you are doing, then don’t stop doing it.

I am sitting on cash now, and no trading on Friday. Spending time with my family, and looking forward to meeting some friends for a farewell dinner before they leave Australia.

As usual, if you are interested in listening to my nonsense and some fatal/shameless market calls, follow me on Twitter.