Daytrader21's Blog

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Prepearing the Week Ahead


This week will be dominant again by the Greek debt talks, which so far has been very limited risk effect on the markets. Also we should expect based on the last week NFP figure the dollar momentum to continue however if we look at price action we can tell that there is more likely the market will stay in a range so at this point it may be the best to trade both side of the market.
Tomorrow we should pay attention to the BOE inflation report and EU zone GDP which have been better than expected f…
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AUD/CAD - Short Position Explained

My first trade for this month was shorting AUD/CAD which in the end ended up to be a break-even trade. I didn't even realized I'm trading an aussie crosses because I was expecting AUD/USD to react positively on the RBA rate decision and thus all the other crosses will react, more or less, AUD positively. But since I overlooked this thing I entered short on AUD/CAD based on a small retest of an old support now turning resistance (see Figure 1).
Figure 1. AUD/CAD 1h Chart

My forecas…
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