Running Market Commentary 7/25/08
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The current Forex market has been somewhat choppy as of late. The US Dollar has been trying to find support and gain some ground against the other major pairs. Below is a review of the past week along with an update and a FOREX TV interview from BBFX:
CLOSED TRADES:
We recommended a EUR / JPY Short at 168.10 on the 7/17/08 during the pairs recent uptrend. We were willing to risk 60 pips to make 110 pips. This trade was executed and stopped in about 30 minutes. This trade had no shot! The market was going through the roof and we tried picking the high. Traders take risk and make mistakes. But, we shrug it off and move onto the next trade.
LIVE TRADES:
First, on 6/25/08, we recommended to SHORT CHF / NOK at 4.9800, currently it is trading at 4.9600, and have been paid over a months' worth of interest. This trade's fundamentals are still in tact and we will remain SHORT for the coming months. We may even add to this position if CHF / NOK climbs higher.
Second, on 7/14/08, we recommended to SHORT AUD / USD at 0.9735, currently it is trading at 0.9570. We are still looking for 400 plus pips on this trade with a Stop Loss at 0.9960, but we do believe in not giving back gains. So, we will closely monitor this trade in the coming week, especially on 7/30/08 because Australia is releasing their Retail Sales and Trade Balance.
Third, on 7/23/08, we recommeded to SHORT GBP / USD at 2.0020, currently it is trading at 1.9910, and we are sticking to our Take Profit at 1.9720. We are also keeping the Stop Loss in place at 2.0170. We believe the GBP is way over due for a major fall.
So, all three of our live trade recommendations are well in the money, but in this current market, anything can happen. We will update or even recommend more trades as we see fit.
Finally, BBFX has had another interview on FOREXTV. The following link will show the video and other thoughts and ideas that we have for the current market.
Forex Video News - Forex TV
Enjoy the weekend.