Forex Day Trader's Thread

yeah.. well I'm really mad because I knew that a correction was due and I jumped in early... but there's plenty of upside potential.. I'll just stick with the fundamental philosophy that the S&P rally is not over.. If it is.. well.. I'll have a really bad week won't I :)
 
Still have my position trade on EUR/USD, down 30 but still look good. I don't see S&P500 going down yet, still have another 5 points or so on the up side, may take it a while on the last leg though.
 
yeah pippy, this is a tough one to call on EUR/USD. im not convinced the dollar sell of is over. there are mixed signals between the DXY and the EUR/USD for fair enough reasons...but all in all im confused with this trade so I exited my long position for 5 pips. I hate being in trades im not sure about. with that being said I wouldnt be sure about shorting just yet, but the EUR/USD is definitely due for correction but Id wait for better conformation like if it pulls back from my previous target 1.365 (which it is nearing :/) just my opinion.
 
data around the world is getting better and better.. It would take something really awful to cause the flight to USD and JPY safety to resume in full force.. I believe that the economy really is getting better and that we will slowly chop ourselves back upward over the next few months.. There will be corrections but no new major downtrends.. The trend is currently up on EUR/USD and EUR/JPY .. The market has given us a better entry point on EJ by 200 pips and I am taking it as a gift.
 
id let that EUR/JPY long position give more bearish signals before going back in after that sick break out last night. (which i was in...i mistakenly wrote i was in USD/JPY) ill move in once it breaks that 38.2% fib line
 
this is the same thing that happened with the japanese session.. tons of profit taking but the index battled back and finished positive.. S&P still down but well off the lows and Nasdaq is positive.. I see no real reason for a new downtrend at this time.
 
ok.. so things are not looking great.. if my EJ trade gets stopped out then I'll pick it up again around 130
 
like I said before this is just profit taking.. That doesn't mean it won't continue down some more, but the slightest bit of positive news or an equities rally will reverse everything that happened today.. If I wasn't already long I wouldn't take a position. The trend is your friend cliche is actually true so I feel okayish about being long because it could turn into a great trade but it certainly looks like **** now.. I'm at the mercy of the Nikkei tonight..
 
daily up, all thanks goes out to eur/gbp and sugar (long from low 15ish, converted 15.50) , a small evening loss for djia..

market not really clear, sideline for a while
 
Australia federal budget delivered Tue May 12th in parliament exactly 12 hours from now. This ought to be big for the Aussie. One of my housemates got £500 in tax refunds (household stimulus)and she's not even living there anymore. jeez will all that's going on their deficit will not be good. Time to short AUD?
 
Ok.. so I think my head in an oven is my best option right now, but then again I am American and do have guns so I think that's another good option.. Of course, running my engine with garage door closed wouldn't be bad either.. What do you guys think?
 
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