None of my orders were triggered so far. No trade for Wednesday and Thursday. Aussie dollar seems to be showing a little bit weakness at the moment, maybe it is time for a pull back before attempting 0.95. Let’s see how it goes. I see the same in loonie (USD/CAD) as well. Besides, generally, I see Yen is gaining a little bit strength. It is kinda messy for these pairs.

Thursday was a central bank day. We had ECB Trichet and Feb Ben speaks. DailyFX.com did a nice summary of Trichet’s speech.

Here are more details on what Trichet said:

 – Recent data confirm upside price risk in mid-term

– They stand ready to counter upside inflation risks

– Data supports favorable mid-term growth outlook

– Market turmoil means outlook now more uncertain

– ECB needs more information before deciding policy

– Will monitor all developments very closely

– Firm and timely ECB action will prevent price risks

– ECB will act to anchor inflation expectations and this is key amid volatility

– ECB needs to pay great attention to markets in period ahead

– Economic outlook remains solid and sentiment indicators point to sustained growth and they are still above historical average

– ECB sees growth around potential next year and consumption growth will add to expansion

– Balance risks to growth are on downside

– Level of uncertainty around economic outlook high – the risks to growth are from oil and commodities

– Sharp inflation increase is a concern and they think that inflation will be significantly above 3% in coming months

– Additional information needed to decide on rates and the ECB will ensure that price risks don’t materialize.

– Disorderly movements of exchange rates are undesirable for movements to economic growth, brutal moves never welcome and recent moves have been abrupt

– Strong dollar is in the interest of the US

Well, technically,I am only looking at EUR/USD at the moment.

I made two trades on Tuesday. Long CAD/JPY and AUD/USD. Pretty nice day. I end the day with +5.85 R.

I am not trading Aussie pairs today. Waiting for the interest rate statement. Well, most of people are expecting 6.75%. I have no idea,  let’s see.

Here is the …….CHART!

[photopress:AUDUSD1hour07Nov07.JPG,full,alignleft]

[photopress:CADJPY1hour07Nov07.JPG,full,alignleft]

Non of my orders were triggered yesterday. I am still looking at long side of Aussie dollar. (well, I am still thinking parity is coming 🙂 ).

I have been looking around for Australian brokers for Forex and CFD. I feel more comfortable dealing with broker that operates here. This should be settled within this week. Something that caught my attention is the launching of ASX CFDs. Basically it is a exchange-traded CFD (in Sydney Futures Exchange), and it is regulated by ASX. I see this as a positive move in CFD industry. Let’s see how it works out. I am looking forward to trade ASX/200 index CFD and some FX CFDs. 😀

A CFD (Contract for Difference) is an agreement between a buyer and a seller to exchange the difference in value of a contract between when the contract is opened and when it is closed. The difference is determined by reference to an ‘underlying’ instrument – a share, index, FX rate or commodity and reflected in the transparent ASX CFD order book.

ASX CFDs are fundamentally different to the current Over-the-Counter (OTC) CFD because they are the only CFDs traded on ASX. They also offer price transparency, exchange independence and greater investor protection.

ASX CFDs include:

• The top 50 stocks listed on ASX
• Key global equity indices
• A range of major foreign currency exchange rates
• Selected commodities

ASX CFDs listed on the market operated by the Sydney Futures Exchange (SFE). Access to this market is possible through a large network of both full service and discount brokers.

It was not a good trading day for me. I made 3 trades, 2 losses and 1 small winner. I went long on EUR/JPY at the wrong time, and got stopped out with -1 R loss. It was a mistake by taking Long position of NZD/USD today. I was doing some counter trend trending. Cut the stupid loss with – 0.56 R loss. I went long of CAD/JPY during U.K session and exit at the close of U.S session with +0.15 R.  Pathetic day.

I will stop trading for the rest of the week. We have Japan , U.S interest rate statement and Non Farm Payroll report coming.

Here is the….stupid CHART!

[Read more…] about

https://tradergav.com/tuesdays-currency-day-trade/

Only one trade on Monday. I went long with Euro , and it turned against me during U.S session, I closed the day with – 1 R loss. It is going to be a busy week, we have U.S interest rate statement,  GDP, and the notorious Non Farm Payroll report. It’s going to be a volatile week.

Here is….no, no chart today.

https://tradergav.com/mondays-currency-day-trade/

Well, the ‘Trading while sleeping’ strategy continues to be profitable 🙂 . Just kidding, nothing fancy. Just put in my trade, set the stop, and off to bed. Exit the trade at the close of U.S session , which is then morning in Melbourne Australia (that concludes a trading day). Basically , the idea is to reduce the time starring on trading screen and subsequently reduce most of the psychological problems of trading.

I made 2 trades on Friday. I long NZD/USD and EUR/USD. I missed AUD/USD entry. Kiwi and Euro were both forming a nice ascending triangle (well, I like this type of chart setup). I went long at the break of resistance level. End the day with Kiwi ,+29 pips, Euro, + 47 pips.

Here is the…………..CHART!

Kiwi

[photopress:NZDUSD1hour26Oct2007.JPG,full,alignleft]

Euro

[photopress:EURUSD1hour26Oct2007.JPG,full,alignleft]

On the side note, one of my brokers continues to surprise me with its spread widening game (You know which one I am talking about! 😀 ). I was planning to close my trades before closing bell of U.S market. However, around an hour before closing bell, I was surprised to see spreads of all currency pairs on my screen were widened, and Euro and Kiwi all having 10 pips spread. WTF. I lost a couple of pips profit because of this. :-p

Here is the ……WIDENED SPREAD.

[photopress:widenspread10pips.JPG,full,center]

Have a nice weekend, traders!

https://tradergav.com/fridays-currency-day-trade/