Running Market Commentary 8/5/08

[BostonFXtrader]

Sometimes, Traders can make really good calls and others times they are just lucky. The Sterling Dollar trade was a little of both. We recommended to SHORT GBP / USD at 2.0020 on the 23rd of July. Our inital TAKE PROFIT was at 1.9700, which was moved down to 1.9600 on last Friday, 31st of July. Last night, the Brits released their dismal Construction Index which was the lowest in over 10 years. GBP / USD touched 1.9597 taking out my TAKE PROFIT. Another 400 plus trade to add to our BLOG record.

The other trade we are updating is the USD / CAD trade we recommended to SHORT at 1.0250. Seems the US Dollar is gaining traction and took our STOP LOSS at 1.0310. We lost 60 pips on this trade. We believe this US Dollar rally may keep going and that's why we never try to move our STOP LOSS in these conditions.

Updated BLOG TRACK RECORD CLOSED TRADES PIPS= 1,292 in 2 months

Our only open trade is SHORT CHF / NOK from 4.9800, which is currently trading at 4.8900, which translates into positive 175 pips and we are getting payed swaps every night.

 

[BostonFXtrader]

Part 2 8/5/08

This is going to be a tough trade to sell people on because Aussie has been dropping like a stone, but there may be some upside. The FOMC just came out in line at 2.00% and people may like to regain the high interest rate. AUD / USD is currently trading at 0.9145 and We recommend going LONG AUD / USD at 0.9090 and have a STOP LOSS at 0.8970 and a TAKE PROFIT at 0.9400. We are willing to risk 120 pips to make 310. Now we just need AUD / USD to have 1 more spike down to initiate this trade.