I think I had my best month so far in Asia  and  hope not too early to talk  about it as I still have another 7 hours to go.  I had to step off from the wordpress admin panel to focus more on intraday dummy trading. while fine-tuning the trading in a market far, far away.

Building up the positions against the windmills and staying in the game to catch the swing is always easier in London session and applying the same strategy to Asia is not effective, I must admit.  Having a talk with the big boss and being told not to be too smart for a spot monkey definitely helped to adjust the intraday trading style but I still love the days when I make money on a short EURUSD position from 1.3635 with SL at 1.3695 against the high is 1.3693  while spot opens at 1.3510 next day.

I will be off for a long weekend and will try to explore Phuket this weekend.

Hope to have a great month in March.

Good luck All.

Sometimes you look at different things than usual to make up your mind to decide on the direction of the market and when that happens, other spot monkeys who don’t care about local debt or equity markets in EM and think  big accounts are always right, never lose money, are always  ready to give hard time by just making sarcastic jokes. I just remembered some of those jokes which mostly started with  ” It s all about yields, Turkish.  isn’t  it? “.  Funny now, most of them later on started to re-invent the correlations between local debt yields & equity markets and sent a lot of charts to convince ! their customers that they know their onions in EM.

Here is the latest yield curves.

1.4036 is the low in USDSGD so far this morning after the stops taken out below 1.4055 overnight. 1.4030-1.4040 shud bring support for today with topside capping at 1.4115.. A break of the support here at 1.4030 ( daily bearish channel bottom) increases a further squeeze chance of 1.3995 while  55 days SMAVG merges in at 1.4018.

I think it is a good buy here between 1.4030-1.4040 with a tight SL at 1.4013, targeting 1.4115.

Some of the market players suffered overnight due to a turnaround in USD Index on the back of the NY Fed factory survey (the first of the sentiment readings for the US manufacturing sector each month) which reported a jump in business conditions, and Barclays earnings surprise. Boosted risk sentiment later on caused further squeeze on EM universe and pushed XXX-JPY higher as well.

Cable,  after breaking 1.5725 resistance, looks bid at the moment due to  buying on dips around 1.5745-55 taking place on.  For those who’d like to trade Sterling on a day with a good chance of volatility in London session today ( Feb BoE Meeting Minutes, Jan Unemployment ,  I think 1.5815-1.5835 area is a convincing resistance ( 1.5818 is the 38.2% retrace of 1.6276 to 1.5536 drop and 1.5833 is the low print of 30/12/2009, ) in the 1.5555-1.5995 daily bullish channel to go short Cable with a tight SL at 1.5860,  targeting 1.5710 and 1.5645 on the downside.

A daily close above 1.5795 suggests a key reversal and first resistance appears around 1.5935-45 area.

U.S. stocks rose to the highest level in a week after European leaders pledged to aid Greece while European leaders also ordered Greece to get the bloc’s highest budget deficit under control and promised “determined” action to staunch the worst crisis in the euro currency’s 11-year history.
Euro had a low print of 1.3595 overnight after 1.3802 in Asia and trading at 1.3692 at the moment .
Aussie broke 0.8785 and 0.8865 resistance accordingly after a much better than expected Employment data yesterday. After a 0.8906 high early in London session retraced down to 0.8835 ( a possible fear of double topping around 0.8906/16 area) but managed to climb higher and bids in cue between 0.8892-0.8903 level at the moment .
S&P closed the day above 1075 resistance and with Stocks leading the way on risk appetitte while Oil heading north may bring a bumpy session to Friday with a more risk on theme.