Tuesday October 18, 2005 - 06:09:24 GMT
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Tricom Futures and Foreign Exchange -
Forex: Hold your profit too long, and it'll turn into a loss
The dollar turned top-heavy in afternoon trade as technically-driven profit-taking set in after the US unit hit a two-year high earlier in the day. Earlier in Asian trade, the dollar rose to 115.39 yen, its highest level since Sept 19, 2003, which market watchers attributed to growing expectations interest rate differentials between Japan and the US are set to widen further.
But the greenback subsequently succumbed to modest profit-taking after US Federal Reserve Board chairman Alan Greenspan failed to offer fresh trading leads. US Federal Reserve chairman Alan Greenspan said the world would have to learn to live with high oil prices and their negative impact on economic growth "for some time to come"
Once again the EUR/USD fails to break back above 1.2100, and retests under 1.2000. These are tough markets, even the so-called professionals are only looking for 30-40 pips profit on any trade. Alot of guys are finding that as soon as they're positions are 40-50 points in the money, the market quickly truns, and if you don't get out, you get stopped out.
Today’s Economic Releases:
Today's Top Trades
- Sell EUR/USD around 1.2030-40, with stops above 1.2080
- Sell GBP/USD around 1.7570-80, with stops above 1.7620
For more ideas send me an email, [email protected]
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