Happy Pip

Wow! What heck has been happening to the Aussie?! It just dropped 700 pips this past week! Looks like I was too conservative on my trade!

Geez, yesterday wasn’t such a happy one for me since my short USDCAD got triggered then stopped out in just a few hours. Apparently, traders freaked out and sold off higher-yielding currencies when risk aversion came back to haunt the markets.

Even though the USDCAD rose sharply on Friday because of some poor economic data from Canada, I’ve decided to close my trade. New developments over the weekend have made me change my outlook on the pair.

Risk aversion took quite a nice run yesterday, causing the Aussie to fall against the greenback. It turns out that the IMF thinks the Greece needs another €10 billion in bailout funds in order to pull itself out of debt!

Zzzzz… Movement on the NZDUSD has been putting me to sleep as it’s been stuck in a tight range. I’ve decided to take a small hit and close early because I think my original trade idea may be invalidated.

Oh dear! The Aussie didn’t pull back as much as I expected it to and it looks like the price missed my entry by two measly pips.

Whee! The USDCAD hit parity finally! After holding on to this trade for almost a week, my second profit target at 1.0000 got hit. Yesterday’s downbeat FOMC statement served as a catalyst for the USDCAD to edge lower and hit a low of 0.9989.

Unfortunately, support at the neckline of the inverted head and shoulders formation and at the 38.2% Fib did not hold. The price punched through them with ease, triggering my stop loss soon afterward.

Those Aussie bulls are really showing their horns eh? I got the direction right but my long entry wasn’t even close to getting triggered!

Yes! I finally caught a break! Things worked out perfectly for me, as the pair bounced from the top of the channel and proceed to shoot down.