Oct 15

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What a week – Bernanke ends it with stalemate

A week that promised so much but ended up being a 0-0 draw for me in terms of equity growth.

I went long this morning on AUDUSD and EURUSD but those moves came to nothing (Loss) as everyone was waiting for Fed Chairman Bernanke to say his peace. So a yawn thru to 13:15 and a hard boiled egg roll later……I placed speculative orders long on AUD, EU and Cable. Cleaned up on an AUDUSD spike to 1.00000 – surprised my broker gave me the fill to be honest – not complaining. I hung around on Cable and EURUSD whilst listening to Bernanke…..he went round and round not committing to anything particular; as was to be expected really. What there certainly wasn’t was a “yes the Fed will do loads more QE”, without that the spikes went and the market for USD recovored. So closed my positions on Cable and EURUSD for small losses before the fall begun. I could see from the price movements that both pairs were on an edge, when the edge came I bailed quickly.

Main thing is that although this week didn’t do it for my account, I kept it from losses and I got that pesky winning streak out of the way as well, it was starting to be a bit of a millstone to be honest.

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Permanent link to this article: http://intradayforextrading.co.uk/2010/10/15/what-a-week-bernanke-ends-it-with-stalemate/

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