AUDUSD here today gone tomorrow

As you can see I have changed over from my old blogger spot to this new URL with Google, I have found it a much better platform for my day to day Forex comments. Now on to today's Forex commentary.

I have been getting a lot of emails in regards to my position on the AUDUSD pair. As everyone has noted this pair has been on a real terror for the last 6 to 7 days, and has really stabilized itself around the 1.0250 area. In regards to my own trading I have closed all my long positions. I am now taking small hit and run scalps shorts around the 1.0250 area whenever there is perceived weakness or the stochastics are high and overbought each time when it hits that area.

In regards to longs, I won't be entering any long term big positions on the AUDUSD till we have a substantial pullback. Although saying that, I have started my trend-master robot with small percentage on my account until it gets to an area that has a high potential for reversal.

In regards to the EURUSD and GBPUSD pairs, both look good for from nice swing trading short. Watch your money management and the news, as I see Portugal's problems have come back to haunt us.

My big money trade to watch today is definetly the AUDUSD, look for good positioning on shorts around the 1.0300 to 1.0350...use good money management with these trades with no stops loss, and everyone should make some good dollars with this trade.

Remember there is no substitute for discipline in Forex trading.