By Boon Hooi Wee on 14 Oct 2018 | Filed under CADJPY, Currency Pairs, Gold, News, XAUUSD Gold | Comments
Writing to you today from Danang, Vietnam. Flew in from HCM last evening. We were invited by FxPro to share our trading experience and to bring our style of Forex trading to the region. You guys have been great !!
Today, I just wanna share two of the trades I took advantage of when I saw the (mini?) stock market panic at the start of October. Humans are predictable, that is what makes trading fun. The month of October has always been a fearful month for Stock traders as historically, there were world major market crashes that happened in October. Check out how the S&P started the correction.
First guideline in Forex trading is that the commodities currency will naturally drop when there is a risk-off scenario. We should generally expect the AUD, NZD and the CAD to fall in such situations. We spotted a bearish pattern on the CADJPY and took the trade accordingly. Taken partial profits at +231pips, targeting the stretched targets at +393pips.
One other guideline is that in a panic situation, investors will naturally jump into a highly sorted after, safe investments in gold. Early in the week, again we saw an opportunity to take a long trade in gold. Bullish Bat pattern appeared on Gold and the trade setup falls within our trading rules and we took it. Closed off the trade at the end of the week at a stretched target +$39.
So far October has been very good for us. Cheers…… trade well trade safe.
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