Weekly Review OpenBook Roundup
January 26th, 9:48 pm by Sam
(eToro Blog) OpenBook trader waleed0987 has earned praise from his copiers this week for his profitable strategies that use low risk. The trader has traded both long and short EURUSD positions this week with gains as high as 11%. The pair traded in a range between 1.2950 and 1.3040 earlier in the week creating good opportunities for scalpers such as waleed0987. OpenBook trader waleed0987 also took advantage of the swings on the AUDUSD booking gains as high as 7%. The trader is an Aussie bear primarily and has built up some long term positions on the pair. Looking at his open exposure, the trader expects AUDUSD to target 1.0430. Looking at this trader’s P&L graph, we can see that the trade made consistent profits until end of December, when he hit resistance near the 1000% return. The trader’s equity curve hit support near 637% but is now heading higher towards 803%. waleed0987 has returned good results for himself and his 1440 copiers on OpenBook.
OpenBook trader pawelskrzypek is a EURUSD bear despite the 250 pip rally this week. This trader looks for opportunities to short the EURUSD. The trader is devoted to trading the EURUSD only in his portfolio. The trader uses low risk in his strategies and has returned over 123% in the last twelve months. This trader has 643 copiers on OpenBook and has worked on building a solid track record over the last twelve months. Looking at this trader’s P&L graph, we see the equity curve in an uptrend, making higher highs every month. The trader broke through the 100% mark in December and there is no turning back. This week the trade shorted the EURUSD whenever the pair stalled at key resistance levels. As the EURUSD rallied higher this week on positive sentiment, the trader opened several short positions near 1.3155 and is targeting for the EURUSD to fall back towards 1.3090.
We had several Central Bank rate decisions this week. The U.S. Federal Reserve announced that it would keep rates low until late 2014. The Fed also adopted a formal inflation target of 2% for the first time. Fed Chairman Ben Bernanke said that recovery remains fragile with the labor market showing signs of improvement. The Fed also released the policy forecasts of its policy makers in an effort to provide better guidance to the markets. Traders on OpenBook are primarily long on EURUSD with average limits at 1.3200 and stops at 1.2950.
The Bank of Japan announced this week that rates would be kept on hold near zero until price stability is reached. The bank also did not increase the size of its asset purchase program. The BOJ lowered growth outlook in the first quarter of 2012 to -0.3%. For 2013, the BOJ raised GDP estimates to 1.4%. The Bank said that sovereign debt crisis in Europe and the strong Yen were hampering economic recovery and making it difficult for Japan’s exporters to compete in the global markets. Traders on OpenBook are primarily long on USDJPY with average limits at 78.50 and stops at 76.60.
The Reserve Bank of New Zealand announced that it was keeping rates on hold at 2.5%. RBNZ Governor Alan Bollard said that rates would stay at record low levels longer than earlier anticipated as inflation moderated amid global financial uncertainty. Bollard has not cut rates unlike Australia has he expects reconstruction efforts in Christchurch to fuel domestic growth. The slowdown in Europe is affecting China and Australia, which happen to be New Zealand’s largest trading partners. Traders on OpenBook are primarily short on NZDUSD with average limits at 0.8000 and stops at 0.8250.
OpenBook trader Elvanduil has been trading NZDUSD on both sides of the market for the last twenty four hours. This trader has allocated 33.6% of their portfolio to trading this pair and is a fairly short term trader, scalping for few pips a time. The trader has closed over a dozen profitable positions on the NZDUSD this week with profits as high as 8%. Looking at this trader’s open exposure we see that the trader expects NZDUSD to target 0.8100. OpenBook trader robepu is a long term bear on the NZDUSD. This trader who has 353 copiers on OpenBook expects the NZDUSD to go further lower towards 0.8000. Robepu has done well this week returning 58% in gains.
Euro finance ministers met this week in an effort to adopt fiscal policies that would require member countries to limit deficits to 0.5% of GDP in the future. The ECB and finance ministers were split on how to implement penalties on countries that failed to meet objectives. Talks between private Greek bond holders and government representatives failed to produce any solid results. Creditors agreed to take as high as 70% losses on the debt but disagreements rose over the interest rate payments. A new deadline has been set in February for both sides to come to an agreement.
Copyright 2012 eToro Blog
