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Trader 8023 went short last night in the CAD. The futures contract of CAD and the Cash is reversed, meaning buying the CAD forex is equivalent to selling the futures contract. The above chart is showing the Cash forex USD/CAD on a 4 hourly time frame.
Reasons for the entry is because the MACD for the 4 hourly cash chart is cutting up as well as the price moving above the averages.
The risk involved in this trade is the impending FOMC decision on QE3 tonight, anything can happen. Let's see how it play out and trader is trying to ride the profit despite having 30 ticks in the pocket.
7 comments:
oh dear!
and also your trades on Euros, Yen, GBP and the S&P,
i actually wanted to tell you but you already in the trade so i keep quiet.
they are all highly co-related, trade one is as good as trade all of them in same direction.
take care.
in my opinion, 2 co-related counter can only trade in the opposite direction. one being directional and one being hedge.
having 2 directional trade can only leads to lost of control in a already difficult control situation.
talking about control, today i have enter 2 orders, 2 not 1, 2 orders mistakenly. i can't believe i'm so "chew cheng"!
2 buy orders i enter as sell. sold ofcos.
now i'm still waiting to recover my positions, hopefully they will not run away.
if i can't catch it, i will be knocking my head on the wall (again)!
and talking about buy orders in this market condition, i can never do it when i was a beginner, no way! i was a damn contrarian trader.
fortunately now, i can do it at ease.
Yes, sometimes we are "chew cheng" and becomes the rabbit the hunters are waiting for.
Yes, I have taken all the postions in the same direction, not hedging since I am going longer term.
The transition period now is tough.
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