Forex Day Trader's Thread

yes, short Euro.. up 13 .. My broker just said there's a good seller at 1.4105 which might discourage further attempts.. I need equities to tank soon.

I was going to short Cable but it could run up to 1.655 and earlier it looked like it was going to.. It can easily get legs because the stochastics is only at 12 and there's a major bullish cross on the stochastics hourlies..
 
I'm trying to get Euro to make a 38.2% retracement of today's highs and lows and t/p at 1.4015
 
market may be anticipating good new home sales figures tomorrow in the U.S, which will probably mean usd will continue being sold off. The biggest uncertainty surrounding tomorrow is the FOMC minutes. There is a 5yr Note Auction which should produce a good bid to cover ratio and so equities won't be too worried about that, as long as interest rate views tomorrw are still on the downside, rather than this crazy idea the market has had recently that the fed may raise rates. seems there was real buying of euros today and I think this could rally to 1.44. So I am a buyer of EUR/USD, I will also try getting in on EUR/GBP longs.
 
looks like GBPCHF could be a good buy , euro looks like is going to tank overnight (specially vs GBP)
are we in a raniging markets or what!?
 
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I am only going to be trading up until fed meeting, will close all trades at a profit, hopefully by then. There is U.S GDP data and initial jobless claims figures on Thursday. Expectations are for a 5.7% (QoQ) annualized fall in GDP and 600k initial jobless claims. Market may position themselves accordingly. I do think that the market is generally optimistic, yes there have been comments made by the world bank to reinforce the extent to which the global economy will contract but I think that is largely due to downgrades in forecasts of developing countries. So in anticipation of figures on Thursday, trader may just take the view that the pace of contraction is continuing to slow down. It is going to be a very important piece of data and will, in my opinion, decide the direction of equities in the coming weeks
 
blancspa said:
looks like GBPCHF could be a good buy , euro looks like is going to tank overnight (specially vs GBP)
are we in a raniging markets or what!?
Click to expand...

I don't think I agree that euro will 'tank'. yes there may be a pull back, but definitely not a change in trend direction. why do you think euro will fall?
 
tripleogstar said:
I don't think I agree that euro will 'tank'. yes there may be a pull back, but definitely not a change in trend direction. why do you think euro will fall?
Click to expand...

nah, I meant will pull back about 60-70 points... sorry misspeling, don`t think it will reverse, more concerned that we re in a ranging markets.. don`t think euro will fall dramatically, no.
 
I may pick up a few housing shares tomorrow, think those will be top performers tomorrow. Equities are definitely hard to call tomorrow, because people are just going to be waiting for the outcome of the fed meeting. But i am generally bullish on equities. Bullish on euro against sterling and usd
 
I only trade TA and PA , not sure about fundamentals yet, and euro can be a bit tricky as long as it didnt break 1.4200, just my 2 cents
 
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I have an entry order long EJ 133.3 .. looks to be some excellent support right below there.
 
blancspa said:
I only trade TA and PA , not sure about fundamentals yet, and euro can be a bit tricky as long as it didnt break 1.4200, just my 2 cents
Click to expand...

Need to start developing a fundamental view man. To be a successful trader need to understand the economics and the numbers of this game. That is the reason why the most profitable traders/hedge fund managers take strong fundamental views which tends to be backed up by economic or quantitative research. Technical Analysis can be very helpful in determining entry and exit points but always best used with an economic view. You can't base a buy or sell decision on the crossing of two lines, if a trader at a bank did that they would probably get a bullockin. But as a beginner it is perfectly normal to focus on the technical analysis because it seems the easiest way to analyse the markets, but technical analysis is an art in itself and you have to have a feel for market sentiment to know why tools to use in what market conditions. THis is not something you pick up overnight. REMEMBER, TRADING IS NOT EASY MONEY. That is one thing beginners always seem to think
 
It will come when its needed at the right time
...but for now, until someone convince me otherwise, short - term trading based on `economic fundamentals` is not feasible...
as for the hedge funds ... :LOL:, they re news junkies, if you think like them you ll be earnings their profits, yet before you do that check what percentage of them were profitable last year...

and tbh, whenever I come in search for sentiment I normally loose money
I drive my own little vehicle dude ;)
 
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