Results of remaining positions and February results.

Posted on March 3rd, 2008 by Yours Truly under Forex

It’s been a very busy week for me outside of the Forex world and i’m back to update you on the progress of my outstanding positions. From a quick glance, it looks like the looming sub prime mortgage debacle is still lingering around and is pounding the U.S. Dollar into submission with fresh new lows against the Euro, Kiwi and Aussie and the USD/CAD pair is trading below par along with traders pulling out of risky pairs hence the reason for the Yen (3-year low) and Swissy’s appreciation the last couple of days.

I’ll be looking for long on the Euro and short on the dollar for the time being and staying away the CAD and AUD pair for now as there will be major interest rate news to come. The Reserve of Australia is expected to raise interest rates by 25bp to 12 year highs while the Bank of Canada is expected to cut rates by 25bp to 3.75 percent. Once the news is out of the way, I will be looking to capitalize from the hawkishness sentiment coming out from the European Central Bank, Reserve Bank of Australia and the Reserve Bank of New Zealand.

February Trading Results

All together, not too shabby month even though I missed countless opportunities on the downward spiral of the British Sterling Pound but again, I was too busy to concentrate fully on Forex hence the majority of the trades were taken on the Daily charts.

February 1 - +288 pips - GBP/NZD
February 5 - +45 pips - EUR/GBP
February 6 - +14 pips - EUR/GBP
February 18 - -33 pips - EUR/GBP
February 28 - +48 pips - EUR/GBP
February 28 - +37 pips - AUD/USD

Total Pips for February = +399

Updated chart of current open position

Currently up +20 pips on my favourite pair as it broke out nicely towards the upside out of its narrow range and would be looking towards exiting half my position near the 0.7700 region.