Forex Day Trader's Thread

[Pippy5000]

been showing some weakness this today .. I'm underwater on Cable and hoping 1.46 resistance holds.. will throw in the towel at 1.473

 

[teojh]

hey tml is options expiration day for stock market right? i heard theres always like some big moves. will this affect forex in anyway?

 

[Pippy5000]

Big moves in the stock market can always affect forex .. sometimes currency pairs will move in lockstep with the S&P500 .. other times they seem detached..

 

[Pippy5000]

It looks like the USD is running out of steam.. We might be seeing a down trend reversal on Cable (and just about everything else) although Cable is seriously overbought on the hourlies..

 

[teojh]

everything reversed. damn it. Im just waiting good entries.

 

[Pippy5000]

took my first loss of the week today.. decent loss, not awful but annoying..

 

[RidderTrade]

hi Pip.. how are u

 

[RidderTrade]

euro usd 1.33xx now around 1.32xx

could be al of the bounce.. or maybe bit higher..

 

[RidderTrade]

i am not currently involved in forex..

sold cotton march today around 49.50

 

[Pippy5000]

neither am I .. don't know if we're starting an uptrend or if yesterday was a particularly large correction.. I'm still positive for the week and plan to stay that way ..

 

[Pippy5000]

actually I can't resist .. short 2 lots USD/JPY 90.9 with an uncharacteristically tight stop..

 

[Pippy5000]

what kind of leverage do you get on comex ridd?? I'm looking at crude oil as a long-term investment.. Do you think comex is easier than forex??

 

[RidderTrade]

pip... commoditie futures is high leveraged..

i dont think it is easier..as forex, its the same difficulty.. though shorting commodities can be easy, at times when trend is hard down

 

[RidderTrade]

pip, you have many experience on forex, i think its your LAIR

 

[RidderTrade]

we see the uncentainty dripping from the markets..

usd cad is again up...

 

[Pippy5000]

Sure but crude oil is so juicy I'd love to snap it up.. Even if we do go into a depression it will someday rise far higher than $35 even if it takes years..

and that's the worst case scenario..

Investing in it would certainly be better than 2% interest on my savings account anyway.. I find most long-term investments boring and dangerous but crude is compelling.

 

[RidderTrade]

sure.. it will certainly bounce.. to maybe 80

but.. it could easily fall to 25 first

 

[Pippy5000]

yeah that's the low point I hear most economists say.. Also, I hear them saying $200 in 3 years.. It was $147 just last summer..

 

[Pippy5000]

I'll be back tomorrow for chart studies Ridd.. no drinking tonight

 

[tripleogstar]

mite just be the week that sterling tanks. So much economic data to suggest it, CPI, Retail Price Index, Unemployment and Q4GDP. Also a very bearish sign yesterday when sterling/dollar rallied to 1.4980 but ended up closing at 1.4730ish.