Friday, July 20, 2007

Get ready for a slow few weeks.

I am preparing myself for a few weeks of slow trading. This is usually a very poor environment for me to trade. I tend to get "chopped up". Looking for breakouts, leads to buying tops and selling bottoms (I am currently short Euro's at 1.3760!!). So this time I hope it will be different. I am going to place on smaller positions with well defined stops (1.3840 is my stop on the Euro) and stick to it. Also I will continue to look for positive carry situations. Mexican forwards are giving you very little to play with, unless you are looking for rates to come off, and in Brazil there is talk that Wednesday's 50bp cut in rates could be the last one and in the future officials may revert back to the 25bp cuts seen earlier this year. I think it is a good time to circle the wagons and look for another opportunity as nothing at the moment looks overly exciting to me.

Good Luck and Good Forex Trading




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