Howdy, folks! I just got back from my FX-men interview with Jess, our trusty forums moderator here at BabyPips.com. ‘Twas quite a fun experience since it was my first interview ever! Now I feel like a celebrity, tee hee!
As you can see from the chart above, the pair had been testing the .9750 support for quite a while and made lower and lower highs after each bounce. This is a sign that sellers are pushing harder and harder as they try to break the minor psychological support level. I should’ve taken that as a signal that a breakdown was about to occur, but breakout trades aren’t really my strong suit.
You see, I’ve always been uneasy about setting buy or sell stop orders since I’ve gotten burned by a few fakeouts in the past. Not to be extra cheesy, but it’s a lot like getting your heart broken because it leaves a scar and you’re scared to get hurt again, right? That’s why I won’t give in so easily to the flattering words that I read in Forex Ninja’s interview!
I could’ve jumped in at that tiny pullback to .9750 just after the breakdown. This way, I could’ve gotten a better entry price, too!
Knowing that commodities and comdolls were on a roll during the week, I could’ve sided with the Loonie and bagged a hundred pips for the week. Even better, I could’ve added at the .9700 handle or lower when it broke down during the NFP release. That would’ve been an aggressive move, but it would’ve upped my reward to risk ratio to 3:1. And, as Pipcrawler always says, “Gotta risk it to get the biscuit!”
Enjoy the rest of the weekend, everyone!
What Moved the Comdolls This Week? |2011-04-01
The comdolls sure hit the jackpot this week, didn’t they? Before you go off to your favorite Friday night spots, join me in replaying what news events moved the comdolls for the past few days!
Last week the comdolls hit the Greenback with a combination of soaring commodity prices, better-than-expected economic reports, and risk appetite in markets. As a result, the Kiwi, Loonie, and the Aussie all rose up the charts with AUD/USD making fresh record highs. Let’s all do a Happy dance for the Aussie!
Happy vibes aside, it wasn’t all sugar, spice, and everything nice for the comdolls. For example, last week we also saw that Australia’s building approvals declined by 7.4% in January; Canada’s GDP stagnated to a 0.5% growth in the same month, and New Zealand’s business confidence fell to from 34.5 to an index number of -8.7 in March. Thank goodness the currency bulls were motivated enough to shrug off a few worse-than-expected data! Of course, maybe it also helped that gold and oil are still the darlings of the markets.
Let’s hope that next week will prove to be more interesting for the comdolls! Aside from the Reserve Bank of Australia releasing its interest rate decision, my forex friends will be closely watching the comdoll pairs for any sign of reversal.
Speaking of reversals, don’t forget to check out my BEST COMDOLL SETUP for the week! I’m having a hard time choosing a pair this week since they’re all winners, but I’ll be posting it in a couple of hours so don’t miss it!
Time to pack for my weekend trip now, but I’ll catch y’all in a few hours!