At the risk of inviting any proâs fade of my customarily amateurish calls, I recommend the Australian dollar over the USD in the current futures (near month) range -- say .7340 anywhere down to .7315. Iâll buy one or two in that range this session, looking (and waiting) for as much as .7700. Patience play. Stops to be set 110 to 130 ticks under entry, .7205-10 or so. Aprox. 3 to 1 reward to risk. Some reasons: negative sentiment about metals bubble bust still priced in Aussie, along with longer-standing hangover of concern about investors possibly dumping their Aus-denominated bonds. Both ripe to be priced out. Also, Aus stock market more resilient than others in recent see saws, and rough parity of interest rates with USD tends to point away from volatility (read stops picked off) caused by carry trade.
Bought one near-month AUS future last session (Friday), at bottom of my entry range, .7315, and will buy one more, averaging up, at .7340 if traded there this week. If avg.-up entry for second is met, will set stops for both at .7230, a shift up from stop for first, .7205.
Ah, you are becoming wise, grasshopper. And what of the converse. Also true? Converse. "Reversed, as in position, order, or action; contrary."
Nah..I just like the pyramiding in...you pick the fade I had a basketball shoe once with that same name and sprained my ankle when reversing the wrong way when in forward motion I have always been wise teacher, its just that you are just now discovering it... The Archangel ES
Thanks. I am choosing the avg in b/c -- and this explains my tongue in cheek -- the last few trades I posted were premisely correctly in whole or in part, but were disastrous otherwise -- as in "when you're right, you're wrong."