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TFC Commodity Trading Forum

Re: August Gold/Failure to Break Resistance/S.Bear *PIC*

Well with everything so oversold and many markets stretched out way, way below their 20emas I bought the Aussie Dollar with the ETF:FXA as it is the poster child for "Risk On" I think. It had a great bounce off support. I was very impressed with the fact price was holding at support with many currency analysts predicting a plunging AD with the slow down in China and then Australia cutting interest rates. I posted a chart of AD and you can see price didn't buy that 'story' at support and was bouncing back before anything else was. So I got a good price. I am out and flat again as I don't have much faith in these markets to sustain a significant rally. Actually I am tired of playing ping pong with $100 bills back and forth. I can put my money in the local Credit Union and on a 3 year term get 4% with NO RISK. And I can cash it in anytime before if rates jump up and simply get a lesser percentage gain on the time I had it in that 3yr term and re-invest it with them if rates are higher. Makes one wonder why they are screwing around with this b.s. even with interest rates so low. The 'no risk' is a factor that just can't be ignored. Risk kills! And if that cash is in the new Canadian tax free account you don't pay a dime on the 4% no risk income. "When" rates go higher you just make that much more. I could also save $2000 per year cancelling my Qcharts account as well. Jeez, I'm talking myself into this I think,lol.