Recap for Week Ending 6/15

I over-traded this week. Even though my gains overwhelmed my losses, some of the time I spent on trading could have been better utilized elsewhere.

Went long AUD/JPY @ 102.90, one hour into the Tokyo open, Thursday evening. But due to the size of the position and the then-developing weakness of the AUD, I decided to close it a couple of hours later with a modest gain. On Friday, the AUD received a double dose of good news when oil traded above 71 USD and the BoJ meeting ended with a unanimous verdict to keep rates on hold at 0.5%. Needless to say, I missed all of the AUD/JPY rally to 103.90.

Went long AUD/USD @ .8375, after my AUD/JPY liquidation, Thursday evening. AUD/USD TP order got executed @ .8400O, on Friday, as soon as U.S. core inflation figures came out lower than expected, and oil broke resistance at 70 USD. Booked a 25-PIP profit.

Went long CHF/JPY @ 99.14, early Friday, since the Swissie wasn't testing new highs against the Yen as other the majors were. Booked a 28-PIP profit @ 99.42, when BoJ Fukui's dovish comments (following the decision) hit the wire.

Went long EUR/AUD @ 1.5845, during the London session, early Wednesday, based on an extreme -DI reading on the daily chart. Manually closed the position @ 1.5845, 8 hours later, realizing a loss of 31 PIPs. Little did I know, the pair traded higher thereafter. The signal was right and I had been somewhat impatient in demanding results.

Went long EUR/CAD @ 1.4225, during the London session, early Wednesday, based on ADX and other oversold signals on the daily chart. At the end of the London session, Friday morning, my limit long order of equal size was executed @ 1.4160. Later, at the end of New York session, when the EUR/CAD had spiked for no apparent reason, I adjusted my SL orders upward. Both orders got executed @ 1.4275 and I was a happy camper. Not too happy when it continued to go up, though. But if the EUR/CAD is to retrace its downward trend since the mid-March, first it would have to dip lightly. 1.4240 seems like a good entry point to rebuild my long position.

Went long USD/CAD after some personal profit taking. Added to my long position on two separate occasions. Average price now stands @ 1.0685. Placed a limit buy order @ 1.0608 with one-half of my total cash reserves. I've got no intention to undo this setup any time soon. The Canadian dollar is overpriced, fundamentally and technically. M&A inflows have been cited as cause for the recent rise in the CAD vis-à-vis the USD (and the EUR). Sizable bids for the CAD cannot continue unabated. In fact, the Canadian government is expected to freeze foreign direct investment. What's more, already, Canadian exporters are closing their plants left and right because of the strong Loonie. It's only a matter of time before economic reports confirm an actual slowdown in the growth of the Canadian economy.

Went short XAU/USD @ 651, during the Tokyo-London overlap, Thursday night, for fear of missing out. This was, of course, hours before the U.S. core inflation figures came out. My running loss now stands at 555 PIPs. Daily ADX still looks bearish, although -DI seems weakening; both are hovering at mid 20’s. Now I have two options: 1) cut my losses now, or 2) average down. I think I will choose the third option: diversify away from the U.S. dollar.

The question is, into what commodity or currency?