29 January 2013

USD/SGD : Long @ 1.2363

  • One of my rare forays into the cash FX market. (All FX trades here are done in the futures markets but analysed as a cash position). Am immediately reminded of what a crap game cash FX is. Wide spreads, no ability to go in between, at the mercy of the one house. And all this aggravation even before daily funding rollovers and stop loss execution. Give me futures anytime. Too bad there isn't one for SGD.
  • Following yesterday's post on USD/SGD periscope,  have made use of today's retracement to initiate long USD/SGD @ 1.2363.
  • If I am right in calling the trend change from the daily (cascading into the weekly), there is much upside potential in this. But let's wait till we can avoid getting stopped out and see some follow through buying before putting out some upside targets.
  • Addendum 30Jan13 : Need to see this close above 1.2400 to be comfortable.

No comments: