Forex Day Trader's Thread

Pippy5000 said:
to tell you the truth it looks like EUR/USD could get hammered because stocks rallied big time today yet EUR/USD is getting weaker.. This would mean that a bad day on the S&P500 would put a big hurting on EUR/USD..

Of course if the US data is positive we could blast through the crucial S&P500 level of 850.. A sustained break of 850 would send risk trades flying..

Cable could go really high.. but I'm not risking it..
Click to expand...

very clear picture potrait here good job done, eu will be pressure down pip.tonight figure i think can't be good. eur/gbp will be down as u wise i think.
 
yeah euro looks weak.. but when it fails to fall lower.. it can sometimes surprise.. we saw this before around 1.22 after it moved to 1.47

beware..

good luck
 
Last edited:
I've quit using my regular strategy of small leverage/lots of pips.. Today I'm using huge amounts of leverage and just using buy and sell stops to try to get 20 pips here and there.. It really works great! Stress-free too!
 
I am still very bullish on sterling and bearish on the euro. BoE has announced an asset purchase scheme and this will further improve sentiment in the sterling. The europeans have yet to do something significant, they are fools waiting for things to get worse. Geithners announcement of new stimulus package in the U.S on Monday will move the markets. Could see a rally, but I reckon that rally was seen yesterday. They still have to vote on the package so could be a volatile week next week. May see some buying of USD and JPY.
 
stock market traders are beginning to ignore bad data.. We had a big rally yesterday even though the numbers released in the morning were horrible.. This will make it very difficult to push stocks down..
 
in EUR/USD I have short limit order at 1.305 t/p 1.2755 which will be converted into a long stop order at 1.3085 t/p 1.32490 s/l 1.3035

If it makes another run on the heavy resistance at 1.305 and fails I'll make money.. If it breaks through I'll get stopped out but will have a long order with twice the lots of the short trade ready to ride the breakout as well..

It will take something pretty huge to get EUR/USD up over the 1.33 area.. If you look on the daily charts you see a thorny forest of resistance right around there..but if it does make it over I have an order for quadruple the lots of the original short trade .. long stop order 1.339 t/p 1.38 s/l 1.334

If you remember how quickly EUR/USD rebounded last time you would do well to prepare for something similar should it make over 1.335.. I'm giving it plenty of room to poke its nose around before I finally jump in as well.. With a move this potentially huge you afford yourself a little safety and still get plenty of pips..

EUR/USD went from 1.238 to 1.47 in 9 days in December.. The question is whether or not EUR/USD can get upward legs in the face of near certain rate cuts in March..
 
Pippy5000 said:
in EUR/USD I have short limit order at 1.305 t/p 1.2755 which will be converted into a long stop order at 1.3085 t/p 1.32490 s/l 1.3035

If it makes another run on the heavy resistance at 1.305 and fails I'll make money.. If it breaks through I'll get stopped out but will have a long order with twice the lots of the short trade ready to ride the breakout as well..

It will take something pretty huge to get EUR/USD up over the 1.33 area.. If you look on the daily charts you see a thorny forest of resistance right around there..but if it does make it over I have an order for quadruple the lots of the original short trade .. long stop order 1.339 t/p 1.38 s/l 1.334

If you remember how quickly EUR/USD rebounded last time you would do well to prepare for something similar should it make over 1.335.. I'm giving it plenty of room to poke its nose around before I finally jump in as well.. With a move this potentially huge you afford yourself a little safety and still get plenty of pips..

EUR/USD went from 1.238 to 1.47 in 9 days in December.. The question is whether or not EUR/USD can get upward legs in the face of near certain rate cuts in March..
Click to expand...

Euro/usd has probably finished a 5 wave decline at 1.27x
at this moment its unclear wheter we get an upside correction till 1.33x / 1.38x OR we do push a little lower first, before getting a correction.

Enjoy
 
I think euro is going down. From a fundamental point of view anyway. I am a bit reluctant to put on a trade at the moment, have the U.S stimulus package being revealed tomorrow and do not know how the market will react to this. If they react positively, euro will rally, but will create a great shorting opportunity. I think EUR/JPY is a good short at the moment as well
 
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