Forex Day Trader's Thread

Looks like my posting provided some laughter to everyone.....I am glad.....

However, my PM to Pippy was to get some expert advice. I am posting below what I had written to Pippy and hope that the experts like Pippy, Genics and Triplegostar can help me out here:

QUOTE

I am a newcomer to the forex trading game.

I am stuck in an odd spot and would love to get some help from veterans like you. I have a long EUR/USD position at 1.31177 and an equal short position at 1.30494. I had gone long and the bottom started to fall from the market. Got scared and hedged.

What would your advice be? I can not afford to close the position as it will be a big loss.

Unquote

I will be extremely grateful for some help in getting out of this messy situation.

Thank you all.
 
rahuja, you don't want to be short USD right now..The S&P 500 is down 3.5% .. 30 pts!

The Japanese and Europeans are sure to follow and continue to drag EUR/USD down.. There might a correction higher but my bias is down..
 
OH NO the bottom just dropped out of the s&P !! Run for the hills!! down 3.8% and falling..
 
Ridddddddddd

rahuja said:
Looks like my posting provided some laughter to everyone.....I am glad.....

However, my PM to Pippy was to get some expert advice. I am posting below what I had written to Pippy and hope that the experts like Pippy, Genics and Triplegostar can help me out here:

QUOTE

I am a newcomer to the forex trading game.

I am stuck in an odd spot and would love to get some help from veterans like you. I have a long EUR/USD position at 1.31177 and an equal short position at 1.30494. I had gone long and the bottom started to fall from the market. Got scared and hedged.

What would your advice be? I can not afford to close the position as it will be a big loss.

Unquote

I will be extremely grateful for some help in getting out of this messy situation.

Thank you all.
Click to expand...

Solution: take your losses on the long, and let the short (likely to be good run)

if you cant afford to cut it right now, you will be swept around 100 times in a dutch windmill.. if you still in eur/usd as it hits 1.25

always cut your loss... today went short gold at 871 , i already cut it at 872.9.(current price 889, what a nice cut this was, i am even more proud of it then the 240pip gain in gbp :) ;) ) after i already had banged a 240pip gain in gbp/usd. this was a mice which stole 1 candy from me
 
I just keep selling every rally in cable and sniping for gold.. the direction is down .. this is too easy..
 
went short copper, after ending my relationship with short gold,
the whole **** is nothing more than the usual relationships you have in life, to a certain extent a relationship can detoriate, but not more.. and then you MUST end the relationship.
Took a new relationship with copper short, after becoming friends first, i am now engaged with copper.. but we will see.. looking quite nicely.

G-Luck, ridddddddd
 
S&P closes down 4.28% .. I'm selling any and all strength in EUR/USD and EUR/JPY with decent leverage..
 
RidderTrade said:
went short copper, after ending my relationship with short gold,
the whole **** is nothing more than the usual relationships you have in life, to a certain extent a relationship can detoriate, but not more.. and then you MUST end the relationship.
Took a new relationship with copper short, after becoming friends first, i am now engaged with copper.. but we will see.. looking quite nicely.

G-Luck, ridddddddd
Click to expand...

I've been waiting for copper to crash for some time(way overbought-cancelled warrants++, inventory huge, china <8%growth), went short last night and caught a break. looking for this to go to $163. My prob with copper is I do CFDs and its expensive to get in.
I wouldn't give up your love affair with gold short. definitely heading to $820. Got caught in stock market headwind today. Charts say gold will then go on intermediate bull run but I'm expecting it to go kicking and screaming to $630.It has 1 year to do it before hitting the stratisfere.
 
Gold

jgos2 said:
I've been waiting for copper to crash for some time(way overbought-cancelled warrants++, inventory huge, china <8%growth), went short last night and caught a break. looking for this to go to $163. My prob with copper is I do CFDs and its expensive to get in.
I wouldn't give up your love affair with gold short. definitely heading to $820. Got caught in stock market headwind today. Charts say gold will then go on intermediate bull run but I'm expecting it to go kicking and screaming to $630.It has 1 year to do it before hitting the stratisfere.
Click to expand...

I agree gold wil hit 6xx, but i am not sure on the short term pattern, there could be another false breakout to 9xx, or even hit 920/940 before reversing.

my track record on gold is extremely well, last year i predicted gold to move to 660 when it was trading at 1000

at this moment, i dont see the decline which i want to see to maintain a short, however this could still happen, i dont trust it, look at the moves 866 to 896, then 86x to 889, wont make any dime and only losing time, and missing other opportunities

I am losing time on gold as it move the other direction today if i had kept it, i dont care i blasted it a side, and went short copper this relationship is looking more decent , at least for the moment.

where did you get this copper 163$ from?
 
Don't worry about metals right now guys.. forex couldn't be anymore obvious today..

I'm dying for a squeeze I can sell the end of but I'll jump in with a new short whether I get a bump up or not..

I'm going to go swaller a few down at Chili's and will come back ready for a very fun Tokyo session in about 3 hours ..
 
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