Tuesday, March 2, 2010

Tuesday 02 March

The major USD crosses aren't clear to me.  Commodity currencies are bullish, sterling can't get above 1.50 and EURUSD looks like some sideways or range trading 1.34-1.38 coming up. I like the XXXJPY's to sell on rallies and commodity currencies over the continentals, and CAD over AUD over NZD.

Update PM: I closed the rest of my sterling shorts tonight. The talk (see FT) about how the Prudential/AIG deal might be off because Pru share price fell so hard (20%) and if tso they will have to unwind their hedges and big market short positions makes me think sterling could recover some or all of its big Monday drop.  I am going to protect some profit and wait for another opportunity to sell.

New trades:
AUDCAD short 0.9365 stop 0.9385, see chart, target 92.50
EURJPY short 1.2045 stop 1.2095 target break of 1.1965
CRUDE short 78.50 stop 79.00 addition, daily TL break, target 75
CRUDE short addition stopped out (-1R)
CRUDE short (yesterday) balance stopped out 79.60 (-0.5R)
EURJPY stopped out (-1R)
USDJPY short 88.80 stop 89.15, break of daily IB, target 88.05 but needs to break 88.54
GBPCHF balance closed 1.6120 (+1.4R)
GBPAUD addition closed 1.6595 (+0.8R)
GBPAUD short closed (+5.48R)

Open trades:
EURAUD short 1.5065 stop 1.5115
AUDCAD short 0.9365 stop 0.9385
USDJPY short 88.80 stop 89.15

AUDCAD - I am sorry I didnt take this sooner.  I sold break of daily bearish outside bar of a trendline .  Target bottom of the triangle.

CRUDE ... break of 78 says we go to 75  and the weekly hanging man is playing out ...

Looks like the White House already has Friday's NFP numbers and is trying to put a spin on it: http://www.reuters.com/article/idUSN0111549320100301

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