Registered: Dec 2009
08-01-12 02:49 PM
Quote from oldtime:
I've been short for like the last month, all because I heard some guy on Bloomberg and CNBC make a convincing argument why AUD must go down against USD.
As amatter of fact, my whole position is always based on short AUD/USD.
Oh, there were some bright fleeting moments, and many other posters here on ET gave me encouragement and congratualtions on the big down red days.
But for the most part it has been nothing but one big loss.
And I just got short again today 1.0508
but I thought I had a good fill when I sold at 1.0211
the only thing that kept me alive was, whenever I shorted AUD, I also went long CAD. And I am long CAD at 1.0036, and I just keep working that spread.
Sell more AUD/USD when it moves against me
And sell more USD/CAD when I can get a better price on the spread than I got when I first entered
The AUD will fold against the USD, it is only a matter of time. Stay encouraged, the fundamentals in this case are essentially irrefutable. Australia is sensitive to global slowdowns, especially China.
China is slowing down. It is not an if, but a when.