Project Summary :
Duration: 10 Months , 01 Weeks
Number of Trades Total | This Month: ] 283 | 6
Winning Trades Total | This Month: 227 | 3
Pip Gain/Loss Total | This Month: ] +10345.7 | 800.7
02 May 2013 Daily review by myfxpedia.com:
Our first milestone has been achieved much earlier than we have expected. Currently we just surpass our 10,000 pips gain in the period of 10 months, although we still holds 5 opens positions at time of writing and even though they are in negative but it’s all within our Risk parameter, at the moment we are holding with just above 1% drawdown. So, cheers to all.
Yesterday we see the equity market is under pressure, the S&P failed to break previous peak. This market is currently very fragile and as we mentioned over the last few updates, this market is being fed on Central Banks QE. The evidence can be seen if we look closely into the sectors of the market: on the normal economy recovery we often see the Industrial, Technology and Manufacturing being the market power house to drive market higher. But, guess what? Not this time around, the market recently being drive up by what we call the defensive stocks, such as Healthcare, Consumer Stables. It’s defensive due to the nature of higher and stable dividends.
In summary we currently experienced an invert market sentiment this time around, that is on normal practice people would only invest in defensive stocks when they expect the market is going to be lower and not higher like what we currently see and the only reason for such twist is because of the QE program in place. So, now we are having defensive stocks trading at significant premium to the overall market and yet the general economy fundamental do not stack up as we see from yesterday news from CNBC that Private Sectors employment has dropped significantly (This can correlate to the fall in USD).
We are not saying that the high is already set, what we are saying is this could be the high for sometimes or false breakout that will set the temporary new high before a deep correction taking hold.
At 7:45 am N.Y time we will have the ECB rate decision which currently widely anticipate or a rate cut and if the ECB really serious in keeping the Euro low to get the market competitive edge then they should come out with something big or at least surprise the market....yeah, Mr. Draghi the druggy with the bazooka will certainly spook the market.
Impact News today:
03:15am (NY) EUR – Spanish Manufacturing
04:30am (NY) GBP – Construction PMI
07:45am (NY) EUR – Minimum Bid Rate
08:30am (NY) CAD – Trade Balance
08:30am (NY) EUR – ECB Press Conference
08:30am (NY) USD – Trade Balance; Unemployment Claims
09:30am(NY) AUD – PPI.
Technical Analysis:
Yesterday we exited all our GBPNZD pairs for a total average win of over 700 pips. The reason for the exit is as follow. It has taken much longer than anticipated for the retrace to the upside and base on H4, H1 we have breakout from the ascending triangle and at time of exited, momentum indicators are at extreme and so we decided to exited and put in a fresh pending buy limit.
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