Forex Day Trader's Thread

I'm really starting to get depressed and freaked out about the economy.. There's no way anyone will recover in 2009. My brother lost his job last week, restaurants and stadiums are almost empty.. Our state has the #1 economy in the USA too! I can't imagine what Michigan looks like.

We're just beginning to see the effects of the recession now.. Although I really think this will be more of a depression. The reason the US government hasn't done anything about the recession is that no one knows what to do. In the meantime, things are spiralling out of control. Thank God we are traders and are immune to recessions, but trading has been a big pain in the ass lately. I don't enjoy the choppiness and false breakouts/signals at all..
 
I'm long Cable 1.375 with a tight stop .. will try again with a lot more leverage at 1.35 ..
 
I'm long USD/CAD 1.2945 looking to around 1.34 .. tight stop because I'm sick of false breakouts but this one looks good.
 
SHORted cable.. on the break of 140.40, got scalped i trailed.. and my trailed stop got hit.. it seems i can better quit trailing.. and just accept.. the risk in pip i want to have.. and otherwise keep it to the end.. my target was 138.46
yeah markets are hard to trust lately.
 
Deflationary Depression

Pippy5000 said:
I'm really starting to get depressed and freaked out about the economy.. There's no way anyone will recover in 2009. My brother lost his job last week, restaurants and stadiums are almost empty.. Our state has the #1 economy in the USA too! I can't imagine what Michigan looks like.

We're just beginning to see the effects of the recession now.. Although I really think this will be more of a depression. The reason the US government hasn't done anything about the recession is that no one knows what to do. In the meantime, things are spiralling out of control. Thank God we are traders and are immune to recessions, but trading has been a big pain in the ass lately. I don't enjoy the choppiness and false breakouts/signals at all..
Click to expand...

Yes agreed.. Also it perfectly suits a strong USD in a deflationary depression..
 
I actually got stopped out trying to go long on Cable but made it all back and then some going long at 1.375 .. I think the market might want to retest 1.35 tomorrow and a beautiful buy and hold opportunity will unfold.

Triple top resistance on USD/CAD is now gone and it is time for the market to move up to 1.34-1.35
 
Pippy5000 said:
I actually got stopped out trying to go long on Cable but made it all back and then some going long at 1.375 .. I think the market might want to retest 1.35 tomorrow and a beautiful buy and hold opportunity will unfold.

Triple top resistance on USD/CAD is now gone and it is time for the market to move up to 1.34-1.35
Click to expand...

i will keep an eye on that one.. , however it should keep above 1.30 otherwise it would be again a false breakout.
 
yeah this morning US time there was some really bad new homes numbers for the Canucks.. It sucks because it happened before the NY session and it broke the triple top but just barely.. Had NY been in we could have gone on a juicy stop run.. I actually got 10 pips out of that but was expecting more.
 
1.2880 usd/cad, doesn;t look to well at this stage, also there have to be some kind of bounce in the stock markets this week
 
ouch.. huge rally in stocks stopped me out on USD/CAD .. luckily the stop was tight because that TANKED..
 
currencies are very detached.. EUR/USD going way down even as stocks make HUGE new highs
 
euro weak.. only slightly up.. i entered a long at 1.2690 with a limit order.. at 1.2790.. but it did not feel THAT right... i even went out at around 1.2745.. because i did not feel comfortable.. yeah limit did got hit later.. 1.2820 was resistance.. so good plan, but not that good execution.. very choppy and unsure.. the euro.. a short at 1.3x would be a great deal, i poker that
 
yeah pip, i mentioned it before, i think the currencies will detach at some point from the stock markets.. when you look at history there are periods with currencies attached to stock market movement, but also many periods they were not.. so at a certain point, dont think the stock market will go up,and euro will follow, i think it will not, however i am still waiting for that bounce to 1.3x
 
yeah euro can you make feel a winner with up 170pip but still ending only slightly up.. this choppines. however a break of 1.2820 could be some improvement.. however selling the rise after a while should be more relaxing after all..
 
I got about 100 pips on USD/CAD after getting stopped out for 50 pips so I only got 50 pips today.. I was afraid to enter a trade because I didn't understand why stocks were rallying yet Euro was totally tanking HARD.. It turns out that a lot of Europeans and other foreigners went long USD because it was the best option to make money today .. Who knows what will happen tomorrow.. Now trading is becoming even more confusing..

I'll sell Euro at 1.282 and buy it at 1.256

ONCE AGAIN RANGE TRADING PREVAILS.. There is no such thing as a breakout anymore!

USD/CAD screwed me AGAIN with a false breakout .. grrr..
 
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