Trading -AUD/USD
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Legendary trader and author Nicolas Darvas ("How I Made $2,000,000 in the Stock Market") once said : "I don't really care WHY the market does what it does, I just want to make sure I'm on the right side of the move!"
I am exactly like that, that's why I really don't concern myself with fundamentals, waste of time if you ask me.
You can easily calculate correlation between currency pairs here:
http://www.forexticket.us/en/tools/01-01-correlation
Well, as you probably know, the best moving currencies during the Asian session are the Yen, the Australian and the New-Zealand dollar.
Thanks. By the way, your long USD/CAD trade is finally going your way now, or so it seems.
Out at 1.0440 area, after adding at 1.0402.
minus EUR/CAD 1.4093. I have currently doubts about this as there appears to be potential buyers in area 1.4090 to 1.4080. Another risk is that it did not really test 1.41, but there appears to be a touch earlier today.
Xelite: You seem to have a good sense of humor. Thanks!
Xelite: You seem to have a good sense of humor. Thanks!
Risky trade, the EUR/CAD has dropped almost 400 pips with virtually zero pullback. The 38.2% Fibonacci level is getting hungry and about to collect its dues any minute now....
EDIT: on the 15-min char, 1.4096 seems like a minor resistance area, so if you are looking for a quick scalp with a take profit at 1.4068, the trade makes sense.
Out at 1.4092.