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Further to my last post wherein I entered the GBP/NZD trade, I revised my exit point to 2.4755 seeing that its Friday and profit taking would most likely occur after noon (EST timezone) and the Average Daily Range was literally blown out by a good 200 pips as the usual range is 377 wherein we experienced 578 today. Thus, it is highly unlikely that my original target of 2.4715 will be met within 4 hours (although its currently at 2.4740 w/lots of momentum on its side) and carrying the position over the weekend is rather risky and i’m not keen on letting all that profit disappear given that this pair is a high flyer.
Anyhow, it is a great start to the month with +288 pips in the bank.
This trade was taken on the 30th and has never turned negative on me from the get-go however has been ranging from the 0.7450 – 0.7500 region all yesterday and finally broke out to make a new weekly high. It still has a far ways to go and could see lots of resistance to come beginning at the 0.7550 and on. I will monitor the trade however stop loss has been set to break even and current pip count is at 65+ per lot.
GBP/NZD:
I’ve also taken a minuscule position on this pair as I like the downward outlook on the pair as per the Daily chart and given the relative strength of the New Zealand Dollar (COT + Commodities) lately and poor news coming out of the UK (negative Manufacturing PMI results), this is a decent trade. However I am breaking one of the golden rules by having two pairs of a currency trading at the same time; GBP, however the lot size is minimal and I will try to minimize this doing this in the future.
Currently up +100 pips on this pair with only one very small lot and will probably terminate this trade very shortly being that its Friday and profit taking sets in. Furthermore, the pair has already overshot its Average Daily Range for the day which only adds to the argument of quitting while your ahead.
…..
In other news, today was U.S. Non-Farms Payrolls and it turns out that the US economy lost jobs in January for the first time in more than four years, a decline likely to further stoke recessionary fears even though the unemployment rate dipped a bit from the prior month. The economy lost 17,000 jobs in January, a surprise drop compared to the 58,000 jobs economists polled by Thomson’s IFR Markets had expected from the survey of employer payrolls. This marks the first monthly loss in non-farm payrolls since August 2003. In summary, nothing really dramatic has changed as the downward spiraling trend and sentiment of the U.S. economy continues and hence putting continued pressure on the lowly U.S. Dollar.
According to DailyFX, “originally we expected a return gradualism, meaning that the 50bp rate cut would be followed by a smaller move, but at this point, we may even see another intermeeting cut. A return to 1.00 percent interest rates is also a realistic possibility. Traders should hold their horses however since we have over 6 weeks before the next rate decision and incoming economic data could easily change the Fed’s minds.”
NEW YORK (Reuters) CNBC – Technology giant Microsoft Corp <MSFT.O> said on Friday that it had offered to acquire Internet media company Yahoo Inc <YHOO.O> for $44.6 billion in cash and stock.
Microsoft said it had offered to buy Yahoo for $31 per share, which it said represented a 62 percent premium above the company’s closing stock price on Nasdaq on Thursday.
“We have great respect for Yahoo, and together we can offer an increasingly exciting set of solutions for consumers, publishers and advertisers while becoming better positioned to compete in the online services market,” Microsoft Chief Executive Steve Ballmer said in a statement.
Yahoo was not immediately available for comment.
Microsoft said it had identified four areas that would generate at least $1 billion in annual synergies for the combined entity.
Yahoo shares rose 56 percent to $29.95 in premarket trading on Friday following the announcement. U.S. stock index futures also jumped after the news was released.
……
It looks like Microsoft is really on a roll here ever since the buying a piece of the social networking giant, Facebook, as it looks to keep up with eventual I.T. successor Google. But where’s the synergy? Yahoo has had much more success on the web than Microsoft, and Google increasingly looks to challenge Microsoft with online office apps. There’s search, too: the two companies combined would command 27% of the search market against Google’s 65%. And of course there’s advertising, where Google is also dominant and Yahoo is building out Panama.
Former CEO, Bill Gates, was not available at the time for questioning thus we will leave you with a classic photo of a provocative Gates doing the dirty deed with teh release of Windows 1.0.
Everyone has a different situation and must decide for themselves what makes the most financial sense 401k or IRA .BT offers top-of-the-line trading tools
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