Busy day today but I think I am almost caught up. It was a very wild ride especially on the metals. Both gold and silver made good moves but reversed and then came back to center. I am OK with this initial pull back as I feel fairly confident in the metals for a long play (once again including the Aud and commodity related pairs).
The Usd/Cad and the Eur/Usd trades are still running well. I would not be surprised if this new Gbp/Usd trade were to pull back a little but then run up to 1.8220 if not 1.8420 *see chart*
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I have been watching the Usd/Zar, the interest payment is great in a sell postion and I believe it has found resitance. Confirmation of price drop below yesterday’s low. Selling at 6.1226
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I am adding half of a normal position for myself on the Eur/Usd. It is still running. I have taken part of the silver position out (about 25% of the position) and part of the gold(33% of the position removed). I felt over leveraged and didn’t like the effect on my account nor my sleep patterns. Over all we have already recovered from a peak of down $100 to up over $200.
Happy Trading
Blake Young
Random Acts of Forex (more…)