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Well, many traders have been asking themselves how soon is "fairly soon" - the key phrase in FOMC Minutes, but the market has already provided us with an answer. We witnessed a big dollar sell off yesterday. I also wonder if the big party on Wall Street is going to end fairly soon and will it be to a surprise of many. Considering the above, I no longer want to trade dollar longs with one exception which is against the euro. All my hopes and calculations for the dollar to go up in the anticipation of March rate hike have been exhausted. Yesterday I decided to close my AUD/USD short & NZD/USD with big losses, but I'm glad that I did as they moved much higher soon after. I just wish I knew on Wednesday when I could have closed these positions at breakeven point.
Perhaps I had a bios towards the US dollar and if I understood this earlier in the week my results could've been better. Since there are only 3 session left in this month Contest, my last trades will by yen long positions. I will try to buy it against USD and EURO. I also have a short EUR/USD and another AUD/USD - these will need to be closed soon as the potential for them to move favorably is low.
I know that USD/JPY is already so low but at this stage and especially that I'm expecting the equity indexes to move into red today, I think there's a scope for the pair to go even lower on risk aversion. And EUP/JPY short is another opportunity, especially if 118.60 gives, it's a long shot but worth trying.
Perhaps I had a bios towards the US dollar and if I understood this earlier in the week my results could've been better. Since there are only 3 session left in this month Contest, my last trades will by yen long positions. I will try to buy it against USD and EURO. I also have a short EUR/USD and another AUD/USD - these will need to be closed soon as the potential for them to move favorably is low.
I know that USD/JPY is already so low but at this stage and especially that I'm expecting the equity indexes to move into red today, I think there's a scope for the pair to go even lower on risk aversion. And EUP/JPY short is another opportunity, especially if 118.60 gives, it's a long shot but worth trying.
