What's your view/opinion on today's market movements?

[RahmanSL]

No shorts taken today for EUR/USD as it seems to be happy staying at the 1.370 levels.

AUD/USD was ranging today and I took some more shorts at the 0.899 levels which have since been closed out all in profits.

Am now taking a few long positions on AUD/USD for the positive swaps while waiting for the expected ride up to the 0.91-0.92 levels....and it really doesn't matter when that will happen because I will be receiving positive swaps every day for every trades.

 

[RahmanSL]

Took a short on USD/CAD immediately after data was released and closed it out in some profits....good enough for me : )
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...now waiting for US Existing home sales (MOM) data (1hr-12 minutes time)....if it comes out a little worst than expected....which I believe it will be....that should nudge the AUD/USD upward somewhat....which should allow me to close out some weaker long positions in some profits....but I will leave the stronger long positions for the ride up to the 0.91-0.92 levels and receiving positive swaps for my waiting time : )

 

[RahmanSL]

Well, as I said I have expected, the US Existing home sales (MOM) came in worst than expected which nudged the AUD/USD higher and allowing me to close off some weaker long positions in small profits.
The stronger long positions will be allowed to run up to the 0.91-0.92 levels....but no real hurry as these positions will be receiving positive swaps every day.....or I might just close them off if the profits warrant it.

 

[RahmanSL]

The week ended well for my account and even though I was trading very conservatively and practicing good money management (for me anywhere....i.e not risking more than 20% of available margin), I managed 28.94% profits over 4 days of trading.

There are 11 small lot long positions on AUD/USD left running over the weekend with 6 of them in profits and 5 in small losses....but all receiving daily positive swaps. As mentioned above, I will close out those weaker position ones (i.e those taken above 0.896 levels) as they go into profit but am in no real hurry to close out these stronger long trades which have been taken at 0.895-0896 levels for the positive daily swaps while waiting for the run up to the .091-92 levels. BUT, if market situation or sentiment changed next week, I will probably close out all positions that are in some profit and maintain only the strongest one.
At market closing, account has pretty good free margin level of over 2,100%.

One small short position on EUR/JPY managed to "sneaked in" from an un-noticed pending order but, fortunately, it is in some profit and, if the profit is still there on Monday morning, I will close that out pronto cause I didn't meant to have that as a running trade as it incur daily negative swap.

 

[RahmanSL]

I will trade almost exclusively on the AUD/USD for today.

Expected weakness of the AUD due to weaker data coming out of China, but at the G20 meeting, S. Korea & Australia signed some agreement for trades payment in AUD.

Since I already have some longs on the AUD/USD from last week which are in pretty strong position and in profits, I will take & scalp some short positions on the rise.....and will take some more longs & scalp on the fall.
Trading/scalping both ways usually gives some decent profits.
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Based on Early Asian market movements, and with no key economic data coming out from either the US and Aussie for today, I believe the AUD/USD will be range bound for today.....near perfect for scalping on both directions.

 

[RahmanSL]

As expected, AUD/USD was range bound all throughout Asian and early European sessions....and I scalp both directions for some decent profits.
Intend to take some more long positions when it go down to the 0.892-0.891 and lower levels....


Took 3 short positions on the EUR/USD at the 1.3762 levels when data came out as expected which helped nudged the pair upward somewhat......but intent to close them out at some profits.


Not expecting any market volatility today and so will scalp trade for as long as I have the time to do so....or until I get bored.

 

[RahmanSL]

Today I am still trading almost exclusively (all shorts) on AUD/USD even though it did made a dash to just above the 0.9 levels.

Though some analyst have indicated that there is strength in the AUD as seen by movements upwards to the lower 0.9 levels, I am still of the view that the AUD will trend downwards due to negative news coming out from Australia major trading partner China.
Some analyst have reported there is a VERY REAL FEAR that the PBC will be FORCED to tighten lending related to properties to curb or slow down rising property price….which would mean reduced imports of building/construction material.

I also took particular note on the Australian government desire to keep the AUD low.....and, of course, the worrisome unemployment figure, and reduced HSBC earnings.

 

[RahmanSL]

I expect the AUD/USD to start correction just before or during European session....I read somewhere that the European market usually erase whatever gains from the Asian markets.
We shall see what happens today

 

[RahmanSL]

Well, today the AUD/USD did briefly went above 0.904 levels twice so far.....I scalp some short positions and closed them out as they go into profits....but left one short position taken at the 0.90415 level for the ride down to 0.8910 level. If that low level still doesn't materialize by tomorrow, I will close out all shorts on the AUD/USD.

However, given the bad data given in above posts...plus speculations in job cuts by Quantas, and losses in profits by some major Aussie companies... I am still very much perplex as to why the AUD doesn't fall as it's supposed to.

Anybody have any perspective on this or has any theory??

 

[ilearn2t]

Hello RahmanSL

I placed the "Bands" indicator" on my platform using default setting and it show as follow:

Upper band: 0.9046
Middle band: 0.8993
Lower band: 0.8937

Current price 0.9023

Going on my last attempt of "predicting" don't read to much into my advice can you afford a possibly of the pair triple topping to 0.9046 before heading down to the lower levels, or stick with the better known "double" top before dipping ?

Say hello to the family and give them all my love.

Your good friend
Liz.