FX Trend Snagger Update: 2012-10-24

John J HardyJohn J Hardy , Head of FX Strategy, Saxo Bank
Filed in FX Trend Snagger Model
United Kingdom, 24 October 2012 at 06:40 GMT+0
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Last night, we shorted GBPUSD and AUDUSD, with both positions already getting squeezed overnight and into this morning, particularly the AUDUSD position after an upside surprise in the CPI data overnight and a slightly better than expected Chinese HSBC Flash Manufacturing PMI survey for October.

-> GBPUSD shorted yesterday on close at 1.5946, stop at 1.6055 bid
-> AUDUSD shorted yesterday at close at 1.0257, stop at 1.0351 bid

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  1. GBPUSD
  2. Forex
  3. AUDUSD
  4. Trading Models
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About the Saxo Bank TrendSnagger Model

The TrendSnagger trading model is designed to capture FX trends. Unlike one-dimensional trend-following models that attempt only to maximize exposure during well-defined trends, this model applies a set of pattern recognition and other rules that are overlaid on the trend following rules to take partial profits at pro-trend extremes and to limit draw-downs, depending on the context. The model is rules based. The basic entries are strictly defined and the stop levels are absolute, although there is some room for discretion on the profit-taking side.



The FX Trend Snagger Model is one of 4 trading models on TradingFloor.com which are tried and tested with an actual funded trading account from Saxo Bank. Also see Turtle Model, Momentum Allocation Model and BottomFisher Model

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Disclaimer

Saxo Bank provides an execution-only service. The material on this website does not contain (and should not be construed as containing) investment advice or an investment recommendation, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Saxo Bank accepts no responsibility for any use that may be made of these comments and for any consequences that result.

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