Tuesday, January 27, 2009

candles burn my fingers

If you cast you mind back to last week (jan 19-23), you'll remember that we were selling usd/chf. this because resistance had held at around 1.1283 giving us a tweezers pattern of sorts which coupled with the spinning top of jan 12-16 seemed enough to get bearish (pretty tenuous in hindsight tbh). Anyhow, tenuous or not, the greenback had a good week against the greenback. It opened at 1.1140 and closed at 1.1558 , moving 418 pips against us. That's a forecast rating of -3.62%

We were bullish on usd/jpy, mainly because of the weekly close above 90 and jan 12-16's bullish spinning top with a long lower shadow. However, this too was not to be. The pair opened at 90.99 and closed at 88.82, moving 217 pips aginst us. That's a forecast rating of -2.44%

The week's total rating came in at -6.06%, and reduces the running total to
14.98 - 6.06 = +8.92%

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