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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 3119
Posted: Feb 22, 2010 5:00
Comments: 3119
Forum Topic:
Commodity FX (CAD AUD NZD NOK)
Discuss Commodity FX (CAD AUD NZD NOK)
deflation deflation deflation deleverage deleverage ... no chance for another commodity bull run
Never trust anyone, even yourself. imo, trading just like a cat walk through many big dogs...
you can not short aussie with catnip and me, and suddenly long usd with forextrader. that would certainly kill yourself.
I closed all my USD short few hours ago, i think there is some sort of US Dollar correction.
chole i am sorry about how it did turn out for you, the moment you closed your Aud position, the Aud collapsed 200 pips. unlucky my friend.
On the usdcad chart, it tested this level on the 23rd April 2010 and immediately bounced. Now its testing again. This level is slighly below the HVN poc (point of control). You could say the HVN spans from 1.0160 to 0.9860 with the POC in the middle. Being below the POC poses very high downside risk and a break could be literally vertical. Nothing is ever certain, only testing at mo but the bias has to be to the downside unless the blighter bounces back above the POC again. What I can say for certain is this is not the right place to enter long trades, risk is far too great for long positions.
Yes, volume should be back to normal by Monday and we have the all important NFP on Friday. Breadth on the NYSE has been higher today for risk appetite but it took a bit of a dive into the close suggesting a lot of covering rather than strong trend. SPX was up 1.13% today. Bid/ask delta on the NYSE ended pretty strong. My guess is this week will be choppy in the markets :-)