"Take Risks: If you win, you will be happy; if you lose, you will be wise. Nothing ventured, nothing gained."

Friday, December 18, 2009

Dec 16 Trades on Aud/Usd - FOMC Statement

The reason my previous daily sell stop on the aussie pair was fried becuz i wasnt confident of the news. FOMC statement was at 3:15am singapore time and i woke up early to check out my trade. almost 100% of news speculation that the Fed will be maintaining their low interest rate on greenback.

IF ONLY i had hold it, i didnt. price before the announcement was hovering upwards, did not want to kill my week's hard-earned profit i closed the shot. the movement was huge, but that 20 minutes of ups and downs after the announcement, price was only between 0.8985 to 0.9015.. which was around 30 pips range.

This was the firstime i wake up in the middle of the night to trade news. I did about 5 longs during the announcements. The dangers from the news trade i had was that, my lot size was getting bigger almost each time (+13 pips in total). Kinda get hold of the momentum of price movement, until things got a bit died off and i went back to bed. Getting back the momentum to sleep was the harder part of the night, after such intensity.

Will price break down based on the triangle i have been watching? Or will 100 SMA serve a strong support? Lets continue watching it. +114 pips for the week. I need a break for the rest of the week, yah.. till then :)

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