This is the weekly chart of the AUD/USD chart, and price has pulled back nicely to test the key resistance level. This is a crucial pattern on the weekly chart, and I feel that it is a good opportunity for a long-term short, so I have taken my first short position here.
I will continue to watch and monitor for more chances to add on shorts. I will elaborate more this evening during the sharing session. All are welcome to join :]
Yesterday, I was invited by the Singapore Institute of Management (SIM) to give a workshop on behavioral finance and trading, and the title of my talk was “The True Nature of People and Markets”. Although it was a closed door event, I was pleasantly surprised by the large turnout of 50-60 students who were eager to learn more about this exotic field of trading.
After the talk, I also got the chance to interact with the students and dish out some “career advice” for those keen on choosing this path of becoming a professional trader for funds or banks. I look forward to more of such educational workshops, as I am also eager to share my skills with those willing to learn.
Once again, a big thanks to the SIM Investment & Networking Club, all the organisers, and all the great attendees who helped make this event a huge success. Cheers! :]
The EUR/USD has been pretty quiet for the past few days, hovering near the previous high and awaiting the delayed NFP.
I was monitoring it on the M15 timeframe, and although I missed the initial strong breakout, I waited patiently for a pullback which netted a quick $520 USD profit over the next few hours.
For my exit, I used the T=T profit-taking method to catch the end of the trending move. This coincided perfectly with the short-term top.
With such a strong move, it is likely for the momentum to carry on for the next few days. I will be watching for opportunities either way.
In the last workshop and market outlook seminar, we had a chance to briefly touch on the US markets, and within seconds I was able to decipher the direction based on price behavior.
This was also partly the reason why I took my profits on the EUR/USD and Gold shorts as mentioned a few posts back; true enough there was a sudden plunge in the USD, affecting all the majors, and causing the EUR/USD and Gold to spike up.
This looks poised to carry on pushing up to test the prior swing high, with a one-bar flag in the middle of the equilibrium range. I will be following up on this during the next market outlook seminar.
Where will the US markets head next? And how will this affect the local markets?
I will be sharing my latest analysis here: https://www.eventbrite.sg/event/8521073761
TradeTech Asia is the region’s largest trading and technology conference, bringing together over 670 senior equity trading and technology professionals.
“With over 70% of the audience from a buy-side, broker or an exchange, TradeTech is unrivalled in its ability to uncover, debate and determine where the industry is heading. Year after year it has convinced Asia’s most senior trading and technology decision makers to leave their desks for two days each November.”
Details:
20 – 21 November, 2013
Marina Bay Sands, Singapore
