Updates

Update: Tuesday 24th November 2015

Just another update to let you all know what’s going on. The cable has continued to fall today, which is not necessarily good for me as I closed my cable sells yesterday but it’s nice to see that many of you that have cable trades of your own following discussion forums have made excellent profit. One person asked me why I closed it. The truth of the matter is that yesterday it was already in significant profit and I did not have time to monitor trades today. Therefore I decided it safer to close it a bloc in the profits for the benefit of all of us. I did not want to chance leaving an open and being unable to manage it especially with Gov Carney speaking earlier today.

With regard to other trades. We currently have two buy positions on the USDJPY and one sell position on the AUDUSD. While these trades are not exactly having a stellar performance at the moment, I have extreme confidence that they will turn around and that we will end the week with a very nice profit. The JPY has benefited slightly today is a haven currency following of uncertainty in the market and the shooting down of a Russian jet by Turkey. In addition, the dollar has spent slightly weakened by institutional repositioning and the strengthening of oil prices following comments of Saudi Arabia that it will help stabilise global energy markets. All of this has caused some volatility but it does not change the fact that at the moment the fundamentals support strengthening USD.

US GDP matched expectations showing growth of 2.1% quarter on quarter and while Corporate profits were down 1.6%, GDP price index beat expectations at 1.3% and the Goods trade balance was better than expected. So there should be some volatility but nothing too significant. For now the account remains safe and in good condition.

I am confident that tomorrow’s durable goods data from the United States will fundamentally support our positions and help us make this week even more profitable. I hope you have all been having an excellent day,

Mohammed.

5 Comments

  1. Thanks MO for the time you spend telling us how things going.
    Hope you have a rest of great day
    Thanks again for all your hard work
    Regards from Portugal

  2. Hi Mo,
    i can understand the USD strength growing and the looming rate rise expectation and economic news out this week makes good sense for a trade against the stable JPY. But can i ask about the AUD? I cannot see the weakness on this currency for a big move to place the short. I know you are very busy but if you could spare a moment on the AUD i would be most grateful; as i have been copying you for a long time and i have no doubt that the execution is correct but i just cannot see why. Kind regards John

  3. Hello Mohammed
    Thank you for guiding (at least me) through the fx jungle with your clear reports and lessons.
    I am actually starting to understand what you are talking about in your update.
    That does not mean I will be able to ask relevant questions yet, but still I am a bit satisfied with this. I was not planning to get cought by the FX bug. On the oppsosite, my plan was to “leave it to the Pros” (You) and dont worry about it. Thanks for making me interested in this educating and profitable “Hobby”
    //Sveto

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