Friday, December 16, 2005

More on FX Trading

The week is over, I closed all my trades, ...good that the downward trend for AUD/Yen and US/Yen continued, it increased my NAV by 800% in just a week. The AUD/Yen has reached its Fib pip levels, so I am expecting an upward trend of maybe 150-300 pips recovery next week....although mostly it will not be a straight upward trend, but ranging, so I guess, it would require steel nerves, watchful eyes, taking profit every 30-50 pips move, as its going to be a sew-saw, ranging movement, whatever that means.

The dollar has more room for a downward movement, so I am still shorting it, expecting 100 to 200 pips more before a recovery.

Hay... whatever. Lets see what's going to happen next week.

Warning: Do not follow or trade what I am saying here, I am not a professional trader. I am just an FX hobbyist.