Project Summary ( click here to update online ):
Duration: 10 Months , 01 Weeks
Number of Closed Trades Total | This Month: 291 | 14
Winning Trades Total | This Month: 232 | 8
Pip Gain/Loss Total | This Month: +10544.8 | 999.8
06 May 2013 Daily review by myfxpedia.com:
Welcome to the First day of 2nd week of May. Last Friday we advised you all to take a day off from trading yet, we just couldn’t help ourselves after the NFP news hit the market, especially when our Pending Limit orders triggered. As soon as we got alert that our orders are in the market we then constantly monitor the trades and within 1 hr we closed those open trades for almost 200 pips and as of now it seems that was a right decision. Early in the month of May yet we have already net 999 pips, so, let us raise the bar and look forward to set another new monthly record.
Back to the market, in general, the Equity market on Friday pushed to a new high with most of the indices are now over extended. Can it push higher? Definitely it can, but the push higher will further extended and the market will coming to the exhaustion phase. As we has mentioned many time before such that the rally has now being long for a decent pullback, on top of that this rally does not stack up with the fundamental of the general economy. Most and many of private companies do not get or even meet the general expectation of the market and being riding high on the back on defensive sectors in which traders/investors will on put their money in those defensive sectors when they think the market is heading lower, not higher. In this case we are having market standing on its head laughing at the FED cranking up the printers. This, surely cannot be stable.
Tomorrow, the Reserve Bank of Australia (RBA) will come out with Interest Rate decision. Currently there is a split of 50/50 chance of a rate cut among leading economists. From all the data we have seen lately over the last 2 weeks it would prompt for a rate cut, especially with the recent inflation reading of only just above 2% rather than 2.5%. Moreover, the drop in the mining investment, soft commodities prices and the China recovery is not at all that great. So, if the RBA is going to play a proactive roll then we expect a cut is on tomorrow but if they still stubbornly sitting on the fence and play game of wait and see then we will have rate on hold again tomorrow. In our view, we do expect them to play a proactive roll and give us another 0.25% cut and drive the Aussie down lower and if rate is on hold then do not surprise to see the Aussie back above 1.0400 or even 1.0500 over the coming days.
Impact News today:
08:30am (NY) CAD – Building Permits
09:00am (NY) EUR – ECB President Draghi Speaks
10:00am (NY) CAD – PMI
09:30pm (NY) AUD – Trade Balance.
Technical Analysis:
We are currently in AUDNZD and GBPNZD that triggered last Friday.
This early morning we put another pending buy limit for AUDNZD at 1.2015, the prices came as low as 1.20122 but because due to spread in the early Asian trading session our pending order did not trigger. If you are with ECN or with other Broker(S) that triggered the trade then please be mindful that you are to manage that trade yourself. Our pending order still stand at 1.0215, so if you like you can now ext the position for 18 pips profit (at time of writing) and reset the order like ours.
GBPNZD – base on H4 prices is currently at support and short term uptrend line support as well. Also we have hidden bullish divergence and momentum cross over from being oversold. Chart below.
https://myfxpedia.com/forum/myfxpedi...-GBPUSD-H4.jpg
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite.
Duration: 10 Months , 01 Weeks
Number of Closed Trades Total | This Month: 291 | 14
Winning Trades Total | This Month: 232 | 8
Pip Gain/Loss Total | This Month: +10544.8 | 999.8
06 May 2013 Daily review by myfxpedia.com:
Welcome to the First day of 2nd week of May. Last Friday we advised you all to take a day off from trading yet, we just couldn’t help ourselves after the NFP news hit the market, especially when our Pending Limit orders triggered. As soon as we got alert that our orders are in the market we then constantly monitor the trades and within 1 hr we closed those open trades for almost 200 pips and as of now it seems that was a right decision. Early in the month of May yet we have already net 999 pips, so, let us raise the bar and look forward to set another new monthly record.
Back to the market, in general, the Equity market on Friday pushed to a new high with most of the indices are now over extended. Can it push higher? Definitely it can, but the push higher will further extended and the market will coming to the exhaustion phase. As we has mentioned many time before such that the rally has now being long for a decent pullback, on top of that this rally does not stack up with the fundamental of the general economy. Most and many of private companies do not get or even meet the general expectation of the market and being riding high on the back on defensive sectors in which traders/investors will on put their money in those defensive sectors when they think the market is heading lower, not higher. In this case we are having market standing on its head laughing at the FED cranking up the printers. This, surely cannot be stable.
Tomorrow, the Reserve Bank of Australia (RBA) will come out with Interest Rate decision. Currently there is a split of 50/50 chance of a rate cut among leading economists. From all the data we have seen lately over the last 2 weeks it would prompt for a rate cut, especially with the recent inflation reading of only just above 2% rather than 2.5%. Moreover, the drop in the mining investment, soft commodities prices and the China recovery is not at all that great. So, if the RBA is going to play a proactive roll then we expect a cut is on tomorrow but if they still stubbornly sitting on the fence and play game of wait and see then we will have rate on hold again tomorrow. In our view, we do expect them to play a proactive roll and give us another 0.25% cut and drive the Aussie down lower and if rate is on hold then do not surprise to see the Aussie back above 1.0400 or even 1.0500 over the coming days.
Impact News today:
08:30am (NY) CAD – Building Permits
09:00am (NY) EUR – ECB President Draghi Speaks
10:00am (NY) CAD – PMI
09:30pm (NY) AUD – Trade Balance.
Technical Analysis:
We are currently in AUDNZD and GBPNZD that triggered last Friday.
This early morning we put another pending buy limit for AUDNZD at 1.2015, the prices came as low as 1.20122 but because due to spread in the early Asian trading session our pending order did not trigger. If you are with ECN or with other Broker(S) that triggered the trade then please be mindful that you are to manage that trade yourself. Our pending order still stand at 1.0215, so if you like you can now ext the position for 18 pips profit (at time of writing) and reset the order like ours.
GBPNZD – base on H4 prices is currently at support and short term uptrend line support as well. Also we have hidden bullish divergence and momentum cross over from being oversold. Chart below.
https://myfxpedia.com/forum/myfxpedi...-GBPUSD-H4.jpg
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on author’s analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade forex, you should carefully consider your financial objectives, level of experience and risk appetite.
myfxpedia : Daily Signals and Strategies