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August 4th, 2008 at 10:47 am

FOMC meeting.

 Yes, I know it’s tomorrow. That said, this is my last post before the outcome is announced. So it happens the 2 trades featured here came to speedy and satisfying conclusion. That means I will not have close any trades before the meeting. I will likely have a couple of short term trades, but very small. Maybe something using 1M charts. We will see.
Here is my USD-CAD trade from Thursday. I made 2 trades out of it.

usd-cad.jpg

First trade made 41 pips and second 50 pips.
And my EUR-JPY trade from late Friday.

eur-jpy-2.jpg

This trade reached its target of 167.95 in fairly good time after markets opened. That’s 50 pips gain. Good start to the week.
Like stated before, I don’t try to guess the outcome of the meeting tomorrow, but I’m aware when it takes place, so I can limit my exposure. I do, however, watch how the price reacts to news. It’s very interesting and the more often I watch it, the happier I am just sitting on the sidelines. I’ll do the same tomorrow.

Mike K.

 

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