Aggressive play: -30
A high volume day. Possibly bankers vs. bankers trading each other as Fed chairman Bernanke will be in focus later today.
In summary, the market sent out false signals in the opening session, then did a reversal and never looked back. By mid morning, I managed to recognise those volume spikes and on hindsight I should have followed the money flow. But I resisted (being too cautious). As a result, I purposely stayed away from the Majors and put on a conservative trade shorting the AUS/USD but it didn't pay off. At least, I gave the position a fair chance, holding nearly 6 hours without being stopped out. However, it was the wrong day to support the US dollar. Not a chance for recovery as the big market players managed to trap you in firmly.
Market pulse:
"The theme today is broader dollar weakness. Concern that the outlook for the riskiest U.S. mortgages will worsen is negative for the dollar. Lack of action from the Fed, no cuts or hikes, is also negative for the dollar.''
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