OCTOBER TRADE #2 - SELL AUD/USD

Oct 30, 2009 9:00am (Manila)

Unfortunately, trade went the other way and got stopped-out. Total loss of -340 pips.

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Oct 29, 2009 8:00 am (Manila)

SELL AUD/USD @ 08966
Stop - 0.9051
Limit 1 - 0.8936
Limit 2 - 0.8874

Australian HIA New Homes Sales printed at a dim -4.5% vs. expectation of an 11% increase. I expect this to dash hopes of a continued rally of the Aussies' economy.

New Home Sales is a forward-looking indicator. The rationale is that if there are fewer home buyers today, there would be fewer buyers of goods needed to fill those houses in the future --- there would be less demand for construction supplies for renovation, less demand for electronics and appliances, etc.

This is my live trade!