Running Market Commentary 8/8/08
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WOW, I am pretty floored by this US Dollar rally. It is about time that the world finally is realizing that all the major economies are not doing any better than the US. We feel that this US rally is way overdue and we have been talking about it in our Traders Playbook for some time now. Well, enough patting of the back.
On 8/6/08, we tried to catch a falling knife by recommending to BUY AUD / USD at 0.9090. Boy, what a mistake. Our STOP LOSS got taken out at 0.8970 losing 120 pips. We should of known better, but, as a trader we buy when everyone else is selling.
Going forward, do not be surprised if this US Dollar rally continues. I believe that EUR / USD could easily be at 1.3700, even 1.4000 in the coming months.
Our only trade at this moment is SHORT CHF / NOK from 4.9800 we recommend on 6/25/08. This trade is an under the radar carry trade and currently is trading at 4.9500 and has collected quiet a bit of interest.
Updated BLOG TRACK RECORD on CLOSED TRADE PIPS = 1124
ENJOY THE WEEKEND. I will be on vacation next week, so the BLOGS may not be updated as much, but I am bringing my lap top.