- Shorted AUD/JPY at 81.99 on Tuesday. Another trade not working. Now at 82.77, which is where it was before Fukushima events.
- Just cut the short AUD/USD of the cross at 1.0218. See daily chart - taken out all topside resistance. Not good.
- Looks like we are in for another bout of Risk On.
- Mulling my USD/JPY short now. Likely I will leave it. Entire book is very much positioned Risk On so not critical to get rid of this anytime soon.
- Question : If Risk On, what happens to Bunds/UST10yr spread? Any ideas?
5 comments:
Go long outright AUD/USD above 1.0253
Paid 1.0253 - new position.
TS,
I understand your strategy to enter on breaks of key levels. However, have you considered waiting for the re-test of those levels to enter? It is well known in the markets that prices almost always come back to test the level it just broke. This approach will give you a better entry level and eliminate some of the trades on false breaks that momentum traders suffer. Just my 2c.
Have a good weekend.
Pandu
Yes. I have adjusted my strategy. Now I just buy tiny into the breaks and wait for pull-backs to buy more. Or if I already have a decent sized position in anticipation of the break, I just leave it and not add on.
Paid 1.0303 for AUD/USD. Increase risk.
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