Forex Day Trader's Thread

Riddler, I'm really concerned about cable....I went short at 14250, and then added another short position 14500.....

If we're going to see 15000 before 14000, then I need to exit trades now before losses start to mount.....

Riddler, what do you think will happen this week?....I have been watching cable rise expecting some kind of consolidation, but it just keeps rising....in your opinion, should I get out or was my original thinking correct....consolidation or downside imminent?

If its likely to hit 15000 before turning south, I'd rather get out now and short around the 15000's, if its going to turn around this week, turn south on monday.....then I'm inclined to hold for juice....

In respect to Euro/Dollar, I think its just too difficult to decide which way now....its in a kind of 'no mans land' for me at the moment, this also goes for USD/JPY....these two are in limbo!
 
SSINGH said:
Riddler, I'm really concerned about cable....I went short at 14250, and then added another short position 14500.....

If we're going to see 15000 before 14000, then I need to exit trades now before losses start to mount.....

Riddler, what do you think will happen this week?....I have been watching cable rise expecting some kind of consolidation, but it just keeps rising....in your opinion, should I get out or was my original thinking correct....consolidation or downside imminent?

If its likely to hit 15000 before turning south, I'd rather get out now and short around the 15000's, if its going to turn around this week, turn south on monday.....then I'm inclined to hold for juice....

In respect to Euro/Dollar, I think its just too difficult to decide which way now....its in a kind of 'no mans land' for me at the moment, this also goes for USD/JPY....these two are in limbo!
Click to expand...

first of all, never add to your losing position, only adding to a glory

gbp can go a bit higher from here, i think at least 1.4690 will be reached by breaking that level sharply, i see 1.4870 as a max
dont want to see cable moving in the 1.49x if i was short,because even more upside exists at that point

gbp will sharply sell -0ff again after failing at an important level, likely around 1.47 it will turn.

i think you will be right shorting sterling against usd, but one needs to look where it fails

euro/usd bounce max about to 1.30 , but it will surely move lower sharply

enjoy
 
you could see a slight pull back on monday, but nothing significant. The market does not believe the BoE will cut rates this week, which is going to give the sterling huge strength. The euro will tank as flight to safety continues, have Non Farm Payrolls on friday, and although traders might be expecting unemployment to not rise as much as the past 2 months, there seems to be a huge reluctance by the market to sell the dollar, so the market is still very risk averse. So my view is the EUR/USD hitting 1.2670 this week and sterling rallying to 1.50. Of course PMI manufacturing numbers on Monday may cause a pull back in the sterling if numbers turn out to be worse than anticipated, but net long positions on sterling have changed over the past 2 weeks, about 3,000 more contracts long on sterling. I see a rally on the JPY as well, USD/JPY 88 by end of the week
 
I think Cable has a lot going for it next week.. You should have seen a UK clearer sell EUR/GBP into the last hour of trading this week. It seems they were trying to prove a point by causing EUR/USD to close below the point of no return.. I think there should still be a lot of enthusiasm from Sterling bulls.

I hate being underwater although I would haven't accepted that much drawdown on it.. Where is your stop loss?
 
after that the market will surprise with a months long countertrend
Click to expand...

Yes, and once we have collected enough USD from enough fools we will put everything we have on a nice ride up on Euro!!!

I'm just so sick of these rallies that make EUR/USD survive.. I want it to tank and I want to put my 200:1 leverage to excellent use.. This will be the moment we've been waiting for.. picking the bottom and making huge profits.. We'll end up with several million Euro riding long positions by the time it's all over.

The most obvious way to make money will be to go long USD/JPY .. It is at 89 and it's lowest ever was 78 .. highest in the 200s.. There's a lot more upside potential to USD/JPY but it needs to come down and try to touch 85..
 
1.475 is where I have my first short order ready to roll.. A much larger order at 1.50 with a stop at 1.505, above this area I would place a very large long order as there is nothing but blue sky until 1.57
 
opportunity on nz/jpy pair

after cut rate last week nz/jpy drop sharply almost touched the all time low of 40 mark.
good opportunity to place limit order around 40 level to long it i think.
 
So what are the strategies for this week. Long GBP/USD, Short EUR/USD, Short EUR/JPY, I think this pair could test support at 114 easily, Long USD/CAD.
 
Long GBP/USD, Short EUR/USD, Short EUR/JPY, Short EUR/GBP, Long GBP/JPY

I'm seeing AUD/USD coming dangerously close to being oversold on the dailies.. This move downward is a little overdone I'd say.. It will run out of steam around 60 no matter what.. I will try a good sized long at 60 and constantly be on the lookout for a failure there.. We could be looking at quite a few pips upward so the risk/reward is there on AUD/USD as well.

We are at the absolute bottom of the EUR/USD range.. If it holds I would seriously consider going long even though I disagree with the fundementals of it.. It would be silly to pass up a long at the bottom of the range.
 
Pip, there a lot of talk around the AUD with regards to interest rate cuts and it gets heavily sold off when market is risk averse. Commodity prices could continue tumbling this week, with some big economic reports out this week i.e Non farm payrolls. Damn, sterling getting sold off quite big at the moment
 
Don't think i will put on any trades at the moment, probably tomorrow morning. Unless I see some ridiculous prices
 
eur/usd are heading to 1.25xx area by today i think,euro zone banks credit condition far to be better,more lay off on jobs worldwide negative news will push usd and yen higher.
good short on gbp/jpy or gbp/usd this morning.
 
I hope you boys are awake for this.. I gotta go to sleep pretty soon but the fundamental Euro bear philosophy has locked in huge profits for me... The profits from shorting EUR/JPY are extreme.

GBP not doing too well though.. looked good technically but is underperforming a bit..
 
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