Forex Day Trader's Thread

EJ 130 is a really good trade in my opinion.. lots of downside potential with minimal risk.. I've had an order there since last night..

EURO past 1.33 sees 1.34 .. but the USD is catching a bid after the housing numbers..
 
yes, Gene, I'm down for the week after being way up.. This move was actually a difficult to move to trade due to all the last minute stocks run ups..
 
I've also had a really tough week.....its been hard work...feel like i've lost my touch....

However i'm up on a short position on USD / JPY.....i think we could see 9630 today....
 
markets been pritty bull**** last 2 weeks, is to be expected with earnings tho. for instance why euro is strengthening is ****ing beyond me..and as they say if you dont understand what something is happening sit it out.
 
another weird thing happening is gold going up while stocks rising......

who's betting on stocks tanking in the last hour???
 
friday afternoon profit taking ahead of major resistance.. yes, stocks should tank.. but I'm not trading today because I'm way beyond my loss limit and just need to clear my head and see what we can do when the direction is clearer..
 
I'm going back to my old method of using wide parameter trades on overnight trades and play the edges of ranges with wide parameter limit orders.. It seems to me that using a tight stop loss harms far more than it helps with that particular method.
 
SSINGH said:
another weird thing happening is gold going up while stocks rising......

who's betting on stocks tanking in the last hour???
Click to expand...

that is not the reason why gold rallied buddy. China has said that it has increased its reserves of Gold to hedge their exposure to currencies (i.e USD). They also been buying euros, hence the rally in euro today, as well as a flight to risk
 
Middle Eastern names are selling USD and China trying to weaken the USD as well in an attempt to stifle a new bull trend in the USD index. The Chinese want a new reserve currency because they don't like the leverage the USD gives to the US in world affairs. They take little chip shots at us from time to time in case we forgot they were there ;)
 
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