On last Friday's Money In Motion show, I recommended a trade - selling the U.S. dollar against the Norwegian krone. Here's an update.
Over the last six months, the U.S. dollar has gone down 8500 points or 13.6% against the Norwegian krone. On last Friday's show I recommended this trade:
Sell Usd/Buy Nok
Medium term trade
S/L at 5.6425
T/P at 5.0500
About 5:1 return
Unfortunately, we missed the entry on this as the high was only 5.5170 on Friday and basically went straight down after the S&P downgrade. Now, we’re at 5.36. If you didn’t get in, then cancel this trade. Remember, the levels aren’t perfect and you can always adjust to get into and out of the trades. Just keep your Risk/Reward management consistent.
OPTION -- List of Multi Currencies
Andrew B. BuschDirector, Global Currency and Public Policy Strategist at BMO Capital Markets, a recognized expert on the world financial markets and how these markets are impacted by political events, and a contributor to CNBC's Money in Motion Currency Trading.You can comment on his piece and reach him hereand you can follow him on Twitter at http://twitter.com/abusch.
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