Currency Market Review 11-28-2007

For the past few days, currency market faces tug of war between the carry reversal and the resuming of carry trades. Today was a typical high volatility day.

Tony at fxstreet managed to give a detailed account of today's price action:

** EUR/USD is now floating around support 1.4750 after completing a retracement off the support area 1.4720-25, after a 240-pip decline from 1.4965 highs.
** USD/CHF behaviour today was largely driven by the maniac EUR/CHF rise.
** GBP/USD today behaved as one of the 'carry cows'.
** the name of the game today was in the JPY and CHF crosses, who advanced like maniacs across the board.

(Make sure you check out the rest of his story here)

Although I was not watching the market, I did quite a bit of trading today (albeit not directly by myself).
# Expert Advisor Auto Trading (Day 7)
AUS/USD -30,-30
GBP/USD -40, -40, +85
USD/CHF -85
USD/CAD +85
7 trades (-55 pips)
# Signal Software Trading
USD/JPY +71
USD/CAD +56
2 Trades (+127 pips)

In summary, it was another tough day for my expert advisor. AUS/USD has been underperforming for two days in a row. On inspection, it should be a winner today. One of the long position was stopped out for -30 pips exactly at the lowest price of the day before jumping more than 100++ pips. I missed the whole move by just a pip. Do you believe in my bad luck(or should I say, EA's) ?

Meanwhile, I had a better day in signal trading.