Forex Day Trader's Thread

yep... and the OF COURSE it will reverse itself an hour later so that everyone gets stopped out long or short..
 
I'm long XAU/USD at 930 .. s/l 928 manual t/p .. gold is either going to break much lower or much higher from 930 next week.. nice risk/reward and it's not too late to get in ..
 
gold and silver is going to decline, actually it already did happen
Indeed if you look in the history i mentioned a silver decline.
I am expecting silver to move to 8
 
Closed it for a nice profit to end the week.. Yes, gold could tank hard but if it bounces off of 930 again it's an excellent buy..
 
S&P at 735 .. we're getting close to the bottom .. maybe low to mid 600s and we can get our immensely profitable BUY AND HOLD trades going ..

I did alright this week on day trades .. got bitten this morning on EUR/JPY and made it back with gold ..

Next week I will trade the ends of the ranges only on EUR/USD and Cable ..

That's 1.4125 - 1.45 on Cable .. and 1.26 - 1.29 on EURO .. let it do whatever it wants to do within the range because it's really a pain in the ass to trade under these horrid conditions .. I'll be using -120 pip stops on everything ..
 
NEXT WEEK:

1. March 5th is the really important day next week with the ECB rate decision scheduled.. My plan is to use sell stops with 15 lots and a 40 pip stop loss.. Usually bargain hunters emerge in the lower 1.20s but they will jump on the bandwagon and sell or stand aside if the ECB lowers rates..

There is the chance that the market will view a big rate cut favorably however contrary to the norm because it will mean the EZ is finally taking the necessary steps required to combat the recession..

However, my plan is still to assume that lower rates = weaker currency . This has the potential to move the currency several hundred pips lower in a matter of hours so a sell stop is a wise decision.

2. I will continue to buy USD/JPY on a deep dip.. It's horribly overbought and needs to correct but the overall uptrend is strong ..

3. Until Friday I will continue to play the edges of the recent ranges in EUR/USD and GBP/USD .. Sellers always emerge at the tops and buyers always emerge at the lows..
 
USD/CAD looks like it wants to retest that triple top at 1.30 .. great sell on a failure there.
 
usd looks strong in early action..

the euro broke its friday low.. , and thats not a good sign for short term up euro..

face it, the euro.usd is anyway headed to 1.12 even if it recovers to 1.3x first
 
That's true Ridd and playing the range will eventually result in you getting stopped out.. but the fact remains that we have been waiting for EUR/USD to go below 1.23 since December and it hasn't yet .. The risk/reward remains with playing the ranges.

as such I am now long EUR/USD 1.259 s/l 1.247

Euro will not truly tank until the ECB cuts rates friday..
 
We're profitable now Belgian brother.. We're getting dragged down by EUR/JPY .. Japanese stocks getting decimated! Hard to call .. I would say that with such a bad Jap stock market Europe is likely to be negative as well..

better safe than sorry though.. yes, it doesn't look great .. I'm going to t/p +5 pips .. and buy lower..
 
1.251 ought to be decent support .. it's hard for me to trade Euro pairs since I'm not awake for all the action but 1.251 with a stop below the 2008 lows would be good for an overnight trade..
 
WOW... devastating doesn't describe the Japanese market!!

Europe will surely follow .. reluctant to buy at 1.251 BUT I just don't trust devastating anymore :)

The Germans have some sort of political point to make .. nevermind the fact that Bush isn't president anymore .. There are Germans (and yes it is the Germans) who continue to buy at Euro at a loss .. So I'm tired of fighting them .. I will buy Euro .. i will buy it and wait for Obama to sneeze ..

He'll sneeze "stimulus" and Euro will skyrocket ..
 
Last edited:
mmmm.... 1.251 at your own risk .. Americans seem to be on top of Euro and the Germans seem to be backing off .. I'm removing my entry order at 1.251 .. nasty day..

sell strength ..
 
alright.. I rocked a whole 34 pips tonight .. please don't try to be jealous OK?? THAT'S A JOKE :)

While you were asleep I saw a struggling Euro and it really looks like a sell .. Japanese markets down about 3% .. Euro markets probably won't do well ..
 
there is some real strong support on GBP/USD. I think it will take something big to push this thing harshly lower
 
i think euro will headed below 1.23 , fridays low has not hold.. i am bearish euro short term
 
That certainly seems on the cards.... Reuters .....

"Sentiment is still negative towards the yen, but at the same time the market may have got ahead of itself in terms of short-term positioning," UBS' Yu said.


EURO FALLS

Yu added that the euro came under more pressure after EU leaders were considered not to have reached any meaningful agreement on eastern Europe.

"The market is still very negative on the euro and signs of division in Europe and suggestions that Germany is turning its back on eastern Europe are not helping," he said.

Hungary led calls for a 180 billion euro aid package to rescue east European economies whose currencies have been battered by the economic downturn, but EU leaders agreed only to look at helping countries on a case-by-case basis.
 
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