Forex Day Trader's Thread

Based on the technical failure today of EUR/JPY I think short is the direction as well but I don't feel great about a position yet..
 
euro/usd finished 5 waves up at 1.3583 from there a correction started..
as mentioned earlier. 5 waves suggests the trend for euro is up, ..however the correction was a bit steep., possible only the first wave.. of the correction.. on more push up and 1 down.. could be all of it.. under no circumstance 1.31 should give away. i will poker there will be one more UP and DOWN move needed.. 1.32/1.33 and then up to 1.37/1.38
 
i was very bullish cable but now not so sure, i think the dow and s&ps are ready to roll over which will push the dollar up! then again anything could happen these days...
 
yeah I want to go to bed so I just banked 11 pips ;)

I don't have any idea what Europe and NY are planning tomorrow
 
making a killing today on my short EUR/USD and EUR/JPY, losing a bit on GBP/EUR. but closed that out. I am going to buy the s**t outta gilts
 
tripster you are running with pip5000,genics and ridders money..

be advised to close profit.. on time.. ;)
 
Cable just failed at resistance at 1.477 .. I think it will have a very hard to making it into the 1.50s
 
:sleep:

I'm short Cable too but Cable seems to be in directionless consolidation mode at present..
 
Usually when US stocks end up more than 2% down the Japanese will follow down also.. The Japanese will dump GBP/JPY and Cable will follow.. I'm bailing right above the resistance at 1.477 .. will take a last hour US stock rally to break it though.. I feel alright about being short Cable.
 
I just think at the moment there is positive sentiment surrounding Sterling. If there is another stockmarket sell off 2mrw then sterling will definitely get hammered. But I think sterling will hold strong this week, especially with BoE rate decision this week, and market expecting MPC to hold rates. I am going to buy a deep dip in cable tomorrow.
 
There's a daily double top at 1.497 or so in Cable, a very long wick on the highest candle as well as bearish divergence.. I think the market is discouraged by this and one more bad stock day is going to have been running to USD and JPY like mad.. The moves will probably be overdone and I would buy Cable at 1.41for a quick pop back up.. here's what the pros had to say about Cable today

"Cable is holding its own this afternoon, sticking close to the mid- morning highs despite stocks slipping to lower lows. That"s part of a general pattern whereby the USD bid has failed to really pick back up again. Even still, sterling is outperforming, which bodes well looking forward on at least a relative basis.
From a technical perspective there is one little risk for GBP/USD, though. Today"s candle is setting up as a potentially hanging man. As the name suggests, that"s a negative indication. It would seem to be confirming of Monday"s failed new highs. As such we may be looking at the start of the next leg down in what has become a decent daily timeframe uptrend. This could pull cable back down to 1.4500 or a bit lower."
 
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