CTA 28-Jan-2014 EURAUD & XAGUSD

Jan. 29, 2014 6:50 AM ET

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Currencies, Momentum, ETF investing

Seeking Alpha Analyst Since 2012

Cedric Thompson, CMT I am a Market Analyst at the Trinidad and Tobago Unit Trust Corporation as well as a member of the MTA. In 2007 I graduated from the University of the West Indies with a Bsc. in Actuarial Science. Follow my trading strategies on Collective2! - https://www.collective2.com/details/95804834?systemid=95804834 Special Thanks to my Editors Candice Clarke and Peter Muldrew. Check out my other articles on : timizzer.com Follow me on Twitter: @CEDDY86

Yesterday I was trying to tweet all my trades and but then became discombobulated because it was very difficult to tweet, trade and perform other duties so I then decided to just take my best and worst trades of the day at close and discuss what went right & wrong, technically.

EURAUD

EURAUD was channeling and I anticipated the lower high at around 1.5673. From there I took at short position at 1.56493 with a stop @ 1.5674 (risking 0.16%) and I targeted 1.55018 (reward of 0.95%). This had a risk-reward ratio of 5.9375. Currently EURAUD appears to be making another lower high at 1.56418 and although it broke the resistance trend line I will be looking for the opportunity to short again.

XAGUSD

Although the overall trend of XAGUSD was down I expected a reversal through the inner trend channel. Thus I took a long position at 19.785. Unfortunately XAGUSD hit resistance at 19.867 and made another leg down. I was stopped out at 19.563, a 1.13% loss. The trend in XAGUSD remains down but it is against the resistance trend line. Hopefully it can break resistance this time.

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