Anyone here into FOREX?

[Britguy]

Mp, whats your thoughts on a 50bps cut? What will you trade?

[~Shard~]

Mp, whats your thoughts on a 50bps cut? What will you trade?

Short USD against everything. :p ;) :D

[OceanView]

MP,

Like you, I will be waiting to trade after the initial spike.
Although most people have an idea of the rate cut, the language will be more of a determining factor of future actions which will have more of an impact on the markets.

[Music_Producer]

I got 45 pips on GJ after a spread of 30 pips :mad: Right now, it's a mess.. the $ is sure to be doomed now.. stupid 50 bps cut - can't believe the retards. Shard, I'm moving to canada lol

GJ has dropped after hitting highs. markets might look at this as 'crap.. the economy must be doing real bad for such a huge rate cut'

I'm gonna let this one settle a bit..

[OceanView]

My trades did not go through! :mad:
I am waiting for it to settle a bit.

[Music_Producer]

Ok stay out LOL.. I just lost all my 45 pips.. but then made it back again. Markets are crazy right now

[joshmv]

Ended up on the positive side with 35 pips on G/J, but I can't exactly take credit for that.

I waited for the initial reaction to pass, which drove the yen lower, and then once I saw the strong reversal I went after it and got out quickly. Not much profit since I was trading low units.

I'm done until tomorrow I believe, I'm just not confident in any pair either way.

[Music_Producer]

Sweeeeeet got a 100 pips as GU and GJ rushed up. It almost hit 233 and then retraced a bit.. I'm expecting more of a retrace.. let's see if GU is willing to do that.

[Music_Producer]

Ahh, I see what caused that recent push - Feds stated that they will act more 'as needed' - means more rate cuts are coming. Quite stupid actually. This will only make the subprime mess worse. Whatever..

If the northern rock issue and UK cpi wasn't poor.. this thing would have flown off - GU would have easily reached 2.0300.

[~Shard~]

Wow to say that this has been a wild ride is an understatement at best!

50bps... well that pretty much screws any hope of containing inflation - especially with possible further cuts coming. The US housing situation is doomed as well.

This could definitely be the beginning of a recession in the US. Glad I'm not living there! The US is screwed.

Music_Producer, you're welcome here in Canada any time - I have guest room at my place ready to go. :) ;)

As for myself, couldn't pull the trigger - too volatile. Was going to ride the initial spike up, but figured I has missed most of it - I was correct. Then, as you said MP, they added the caveat that they would act further as required - this drove everything back up. Yikes.

[Music_Producer]

Here's what everyone is saying on bloomberg (all the investors like jim rogers, etc) - "US is already in recesssion, a rate cut would be suicidal - will make matters worse" I think this whole cut thing was political - to please the banking community and the idiot fund managers who were locked into the failing carry trades.

[Music_Producer]

you're welcome here in Canada any time - I have guest room at my place ready to go. :) ;)



Thanks for the invite mate :) I doubt my $ will be worth any CAD$ by the time I get there lol.

You said it - inflation is going to shoot up, everything will be more expensive - the dope buyers who can't afford mortgages.. well, they can't afford them anyways since everything else will be expensive. Short term, this might push the stock markets up - but long term I don't think it solves the problem. The Feds should have let this unwind, a correction is necessary every time there is a bubble - I'm very, very disappointed with Bernanke. He did an absolute U-turn.

[~Shard~]

Here's what everyone is saying on bloomberg (all the investors like jim rogers, etc) - "US is already in recesssion, a rate cut would be suicidal - will make matters worse" I think this whole cut thing was political - to please the banking community and the idiot fund managers who were locked into the failing carry trades.

They're right though - if anything the US should have raised interest rates to combat inflationary pressures and the threat of a recession. Leaving them alone is bad, cutting them is horrible, but cutting them by 50 bps?!? Suicidal is a fitting term in my opinion...

And now with rates so low, people will throw more money into the stock markets which are fundamentally weak as it is. So not only will the markets continue to perform poorly, but more people will be investing in them and as a result more investor equity will be wiped out.

This is going to get worse before it gets better. :cool:

[~Shard~]

Thanks for the invite mate :) I doubt my $ will be worth any CAD$ by the time I get there lol.

Haha, better come quick before we hit parity... :p :D

You said it - inflation is going to shoot up, everything will be more expensive - the dope buyers who can't afford mortgages.. well, they can't afford them anyways since everything else will be expensive. Short term, this might push the stock markets up - but long term I don't think it solves the problem. The Feds should have let this unwind, a correction is necessary every time there is a bubble - I'm very, very disappointed with Bernanke. He did an absolute U-turn.

See my above post, we've said pretty much said the exact same thing (at the same time nonetheless!) ;)

I can see it now: "Interest rates get slashed - now is a perfect time to buy a home as you'll get extremely low rates on your subprime mortgage! Quick, everybody buy a house!" :rolleyes:

[joshmv]

Are you guys trading the announcements tomorrow morning as well?

[OceanView]

I can see it now: "Interest rates get slashed - now is a perfect time to buy a home as you'll get extremely low rates on your subprime mortgage! Quick, everybody buy a house!" :rolleyes:

Yes! Please buy my house now! Rates will be rising soon! :D

In all honesty, I am sure the Fed has his reasons for cutting 50 Bps this time.
It was a necessary cut.
Stocks had crazy gains today which will continue till the end of the week.

[Music_Producer]

Yes! Please buy my house now! Rates will be rising soon! :D

In all honesty, I am sure the Fed has his reasons for cutting 50 Bps this time.
It was a necessary cut.
Stocks had crazy gains today which will continue till the end of the week.

Not necessary at all. It was a purely political move in my opinion.. hedge funds getting distressed.. stupid investors who made stupid decisions. Yes, rate cut will help.. only in the short term. This is not going to bail out all the foreclosure folks.. not going to ease the subprime issue at all. This will make the US$ plummet - and it's happening right now.

Shard, we've reached parity mate :) Btw, do you plan on shorting gold later? Or do you think it's going to keep rising?

[~Shard~]

Not necessary at all. It was a purely political move in my opinion.. hedge funds getting distressed.. stupid investors who made stupid decisions. Yes, rate cut will help.. only in the short term. This is not going to bail out all the foreclosure folks.. not going to ease the subprime issue at all. This will make the US$ plummet - and it's happening right now.

Totally agree. As I said, this is all going to get worse before it gets better...

Shard, we've reached parity mate :) Btw, do you plan on shorting gold later? Or do you think it's going to keep rising?

I bought Gold contracts a little while ago but they are up significantly now and the contract expires next week, so I think I will definitely sell and take some profits. As for shorting though, I feel like it would be going against the trend although a correction is definitely in order, even if it's just a short/temporary one. So, don't think I'll short it, but am willing to buy back in again at a lower price. ;)

Have you ever thought of taking a long term forex position other than a carry trade? I'm just thinking about guys like Soros who went long on EURUSD a few years ago, and how even though there have been huge swings on a daily basis at times, the overall trend has been up and in his favor. He doesn't care about the daily news reports, NFP, etc. due to his large time horizon. I guess it still comes down to correctly predicting the direction of the markets, which is hard to do, but I even had the thought a few weeks ago, when USDCAD was at 1.03, of shorting it and just holding on until parity was hit. Ah well, hindsight is 20/20...

[Music_Producer]

Soros lost some 2 billion or more .. connected with Russian markets or so.. but that didn't bother him. I get like a $50 loss and I get edgy lol. Long term doesn't work for me, I tried it - I am always stressed out.. and checking on my position every half an hour.

If I go out for a movie, I can't enjoy it.. nothing, I just keep thinking what my position is doing. :p

Nice 20 pip profit on Canadian retail sales today. I had a camcorder in one hand to try and make a video of reuters+currenex combo.. and I had my finger on the 'sell' USD/CAD button.. because I expected Canadian retail sales to come out great.

They didn't.. and because I had hat stupid camcorder in my hand.. I pressed sell right away :eek: (instead of buy) I quickly threw the camcorder.. lol.. closed my sell position (which was -$250) .. created a buy position and closed it to break even.

Then the price retraced after 2-3 minutes.. down to 1.0035.. so I bought again.. and exited at 1.0050 .. phew! :D I bought on the retrace because the sales numbers were pretty bad - they were negative for the second time in a row.

Let me see if my camcorder was able to record any video!

[Britguy]

Mp,

Do you still get good execution with Capfx?

Gold could go to $1000. Seems inevitable if they keep cutting rates.

[rob5]

Sorry if this has been asked/answered before, but I was wondering what do you guys use for charting software?

Since it seems most only run on Windows (unless they are web based), I was considering purchasing Parallels and using Windows XP/Vista in Coherence mode.

Thoughts?

[Music_Producer]

Mp,

Do you still get good execution with Capfx?

Gold could go to $1000. Seems inevitable if they keep cutting rates.

I get instant execution with market orders.. with IOC or GTC orders, it's a 50/50 situation.. my Reuters feed comes up slow on some news.. and fast on others. I'm trying to get a Bloomberg demo to see if it's faster.

Gold is going nuts.. I keep kicking myself everyday for not buying it when it was $400 something. I am waiting for a pullback before buying some gold.

Rob, I use oanda's charts.. I'm not much of a charting person. I tried Parallels, but coherence mode never worked. I uninstalled, re-installed, tried everything but the stupid thing refused to work. Finally installed VM Ware Fusion, and that has worked beautifully. I prefer VM Ware to parallels.. it's much faster and smoother, and more intuitive.

Check out VT Trader charts. Get a demo account, they have some great indicators and trading systems.

[Britguy]

Mp,

So do you get slipped a lot by using mkt orders, trying to get in before the news spike?

Furthermore, trading the retracement, how do you know when the price will continue in the direction of the news versus a complete reversal?

[Music_Producer]

Mp,

So do you get slipped a lot by using mkt orders, trying to get in before the news spike?

Furthermore, trading the retracement, how do you know when the price will continue in the direction of the news versus a complete reversal?

It depends, during the interest rate cut.. I got slipped 30 pips, which I thought was the spread but it wasn't. On some trades I don't get slipped.. some it's 5.. it really varies depending on when I click (which is again dependent on how fast reuters spits out the numbers) If I get in right before the spike, I don't get slipped. If I click while the spike happens.. I get slipped. I wish CNX had a slippage control built in their software.

If the report is a significant one, especially related to inflation.. and it deviates in a big way, I know there will be no retracements. There might be a few bounces.. about 10-15 pips.. but nothing more than that.

Take Canadian retail sales.. if you noticed, USD/CAD was very bearish that day (canadian $ reached parity) So the trend was down. However, the retail sales came out pretty bad - it shot up, but it retraced soon enough. Why? Because the initial trend was down.. and quite massively. It kept going up (to 1.050) and then down (to 1.010) .. did t his a couple of times. It finally stabilized and then started drifting down.. succumbing to the original trend.

Had this been.. say.. a CPI report.. it wouldn't have retraced. If CPI was expected at 0.1% and it came out -0.2%.. USD/CAD would have gone up 50-60 pips.. and not retraced at all.

I've seen retracements happen on NFP, except when the number is so deviated, that there is no chance for any retracing. In that case, if I miss the original move, I get in anyway.. because I know the currency pair is going to move in the direction of the spike for the next few hours (and in fact, even the next 1 or 2 days)

[Britguy]

MP,

Good info. What are the spreads on cnx before major news? Usd/cad on retail figs for example?

[Music_Producer]

Britguy, spreads are anywhere from normal to 10 pips before news.. they change all the time. Canadian retail sales I think the spread was 5 pips. During Asian session spreads are wider.. because liquidity is pretty low.

Mid-london and early NY sessions I get the best spreads.. I get 0 pips at times on GBP/USD.. 0 on eur/usd.. etc. Of course, it doesn't happen all the time..

Today was pretty interesting. I was watching my Reuters feed.. and the UK GDP came out slightly positive (3.1% y/y) but at the same time.. a BOE survey came out showing companies were not willing to extend credit.

So I made a 5 pip profit on my GBP/USD trade.. but quickly exited because of those survey results. Within a few minutes, GBP/USD dropped.. and it reached a low of 2.0105 within two hours. Just shows you how news moves the markets.

Then, the BOE auction - nobody bid on it - meaning no banks were in need of emergency funds. As soon as this report came out - GBP/USD jumped from the lows of 2.0110 to 2.0140-2.0150. I wish I had traded these reports, I just didn't know their significance, so I stayed out.

Anyway, durable goods orders came out terrible. GU spiked up before my reuters feed showed the report.. so I waited for a retracement. Surely enough.. after spiking to 2.0180.. it fell back and I got in at 2.0165.

It went up to 2.0185 in half an hour.. I exited at 2.0180. So I made 15 pips.
Even if you had got in at the top of the spike (2.0180) you would have still got out with 5 pips had you waited.

In this case, I decided to wait because:

1. GBP/USD was in an uptrend
2. The US news just gave more reason to push it higher

I was tempted to trade GBP/JPY today but it was just too volatile. It must have run up and down - a range of 200 pips, multiple times. There is no way to figure out when to get in .. or out! During news reports, imo.. is the best time to trade this beast.

Still, I'll stick to the usual USD pairs. You know the saying - Bears and Bulls make money.. pigs get slaughtered.

[~Shard~]

6 pips on the US reports this morning. Nothing special, but I'll take it. ;)

I've tried my hand at some scalping too in the evenings (when the markets are a little less volatile) and have been having some success. I only go for a 2-3 pip gain and then get out. So far this one method I've been using seems to be at least somewhat consistent for my purposes. A few pips a day would be a nice supplement to my other forex and stock trading. :)

[Macmaniac]

I have been doing a demo for over a month now and I have some sucess with a system I have been using. I trade during Asia being a college student so mainly from 10PM-2AM is when I do my trading. I have been basically running a scalping system trying to pick up 10 pips on small dips during the Asia session. I have been using the Hourly Stochs to determine if I should enter a position, then I check my EMA's (21,50,200) to confirm whether I am going short or long. Then I use stochs and MACD on the 5 minute to confirm my entry. The system has worked well so far, about 80-90% winners when I follow the system. I have also been testing a method where I place entry limit orders off Asia's highs and lows. I don't have enough data on that, but it could be promising.

I love the thrill of the Demo account, but I may switch to Onanda from FXSolutions cause their spread is 2-3 pips less (FX is 5), but I must say FXAccucharts have been great for me as a noobie.

[~Shard~]

Cool macmaniac, I wish you continued success! If you do open up a real account just remember to be careful and not invest too much, nor use large lots in the beginning. Discipline is definitely the name of the game. In the meantime though, good luck! :cool:

[Music_Producer]

17 pips on UK housing price report - everyone was expecting it to drop - came out with a surprisingly positive report.

I got in late.. at 2.0180.. stupid Reuters didn't even show the numbers! My oanda news platform popped up with the report.. anyway.. waited for a good 17 minutes for the price to go up. It's funny how price goes up, retraces.. and then hangs around for a bit.. someone slaps it .. and off it goes in the right direction.. lol.

[Spanners]

A question about FOREX for you guys. I've been following this thread for a while now and various words and phrases do sometime stump me.

So an idea occured. Could one/some of you start a "Beginners Guide" thread perhaps detailing the systems you use both Mac and Windows / a guide to all the terms you use etc. I work in Investment Banking and to be honest I sometimes loose the plot with what is going on.

I'm sure it would be very helpful to others.

What do you think?

[Music_Producer]

A question about FOREX for you guys. I've been following this thread for a while now and various words and phrases do sometime stump me.

So an idea occured. Could one/some of you start a "Beginners Guide" thread perhaps detailing the systems you use both Mac and Windows / a guide to all the terms you use etc. I work in Investment Banking and to be honest I sometimes loose the plot with what is going on.

I'm sure it would be very helpful to others.

What do you think?

I'm in the process of starting a website/blog.. where I'll be posting answers to anyone with any questions. It's a lot easier for me to type in stuff, and then upload it to the blog, then log in here.. type in stuff (and get d/c at times.. and type everything back in.. I'm just lazy!)

So if anyone has questions, please PM me and I'll make sure I answer all of them, as much as possible.

Today's New Home Sales trade was an interesting one. At about 2-3am, there was a rumor that new home sales had been leaked, and the number was -10%. So GBP/USD and EUR/USD all shot up.

I wasn't going to trade this report because I thought it would be a little risky.. as markets had already priced in the bad number. However, if the rumors were incorrect.. then GU would fall.. and so I based my trade on that theory.

When the numbers came out.. they were -8%. Quite bad, all right - but not as bad as -10%. So I shorted GBP/USD (as it was at 2.0270 - peaked) It stayed at that level (looking confused!) for a bit, and then started dropping. I got out at 2.0265 (only 5 pips) because I chickened out. After that, it dropped all the way down to 2.0225 :mad: 5 pips instead of 50.. oh well..

[nhallmark]

I'm in the process of starting a website/blog.. where I'll be posting answers to anyone with any questions. It's a lot easier for me to type in stuff, and then upload it to the blog, then log in here.. type in stuff (and get d/c at times.. and type everything back in.. I'm just lazy!)

So if anyone has questions, please PM me and I'll make sure I answer all of them, as much as possible.



Let us know the link when you get it up man;)

[Music_Producer]

Let us know the link when you get it up man;)

It's almost ready bro. Sheesh.. I've been looking at the $ drop mercilessly in front of everything. Euro hit 1.42.. USD/CAD is 0.9946. WTF? This sh$$ is going to go on till end-2008 when euro is probably going to be 2.00 and GBP/USD is going to be 4.00.

Feds better do something other than soothe the good for nothing DOW and stupid a$$ local investors who can't manage funds. :mad:

Seriously, have you seen the carry trades? They've already picked up! AUD/JPY is back at 101.80 something, GBP/JPY is 234.50 and moving up.. these dumb idiots never learn their lesson. We just had a 2000-4000 pip fall and less than a month and the morons are back to "Hey, let's make 2 pips a day in interest! Weeee!"

[Music_Producer]

I've had some really great trades since yesterday - first off was the UK interest rate decision. If anyone traded, or even watched the markets.. there was a lot of pressure on the BoE to cut rates, and stupid rumors were also floating around that they are going to cut rates.

So GBP/USD was pretty bearish from the start of the London session.. and kept dropping. Soon as the rate decision came out unchanged.. I went long on GU.. and after a few seconds, it went up. I netted 35 pips (got out at 2.0360-ish level) I knew it would go to 2.0400 eventually, but did not want to stay in the trade and risk any pips.

ECB decision came out as expected.. I didn't trade that one. Went to sleep.. woke up and noticed that GU did go to 2.0400 and beyond. :o With 4 million units that I had traded, I could have made way more.. kept thinking that and slapped myself out of it (could have easily lost as well)

Today's Canadian employment change report was a whopper. Huge deviation, plus big deviation in the unemployment rate. Both were extremely positive - so I shorted USD/CAD and got 20 pips (exited too fast - I just read the employment change report.. didn't notice the rate deviation as well) It fell by 40 more pips after I exited.

Today is NFP.. be cautious if you are trading. Do NOT trade the spike, there will be ample opportunity to get in earlier. Check for revisions (as last number was -4k)

Carry trades, - look at AUD/JPY. It's at 104.00. Amazing recovery.. I would prefer to invest in AUD/JPY than GBP/JPY, etc.. aussie $ is very solid.

[nhallmark]

WTF? 89K revision:eek: Looks they cooked the data last month to justify the rate cut :rolleyes:(Just my opinion, I have nothing to back that up..lol)

[~Shard~]

It's been a crazy couple of weeks as I've been busy with work, home renos, soccer and symphony rehearsals/concerts, but I managed to trade this morning's data and made a total of 43 pips off the Canadian and US reports - that makes up for my lack of trading recently! :D

Oh, and I jumped on the carry trade last week when the AUDJPY was at 100.26. Bought just $50k, had an order in to sell at 102.25 and made 200 pips a few days later! :) Could have held on of course, but you know what they say about pigs and hogs... ;) :cool:

October is going ot be a write-off for me it looks like, so I won't be on here much, but hopefully I'll have some more time in November... In the meantime, happy trading everyone!

[Street Addict]

:D Nice payroll report today! :)Got about 60 pips on US/Yen then shorted it for another 40 pips. Only playing with one lot right now...

[Music_Producer]

WTF? 89K revision:eek: Looks they cooked the data last month to justify the rate cut :rolleyes:(Just my opinion, I have nothing to back that up..lol)

Could be.. but I did read somewhere that the prior number was most likely to be revised because it was a huge deviation. There was also some reasoning behind it, but I didn't bother to read it.

I shorted GU right away when I saw the revision.. that's what I was looking out for. I got out with 25 pips (you all beat me this time!) Good thing I didn't hold on to the trade.. after some time all USD pairs shot up (GU, EU) Weird.. then again, it was a friday.

[Street Addict]

Another good day today looking at AUD/USD. The Aud is very strong:D I saw it take a dip this morning went long with it knowing it would come back made 20 pips :) Wish I said with it for the day b/c in about 6 hours it went up 200 pips :mad: I'm a short term trader I make a few pips am out I'm trying to get in the habit of roll the dice to hold on to a lot for more then hour but its hard and risky i feel.

Whats up with the ZAR I've been watch the USD/ZAR and that thing never moves but when it does wow :eek::eek: it will jump or drop 100 pips in a second.

[OceanView]

MP,

I just read this entry and was wondering where you get your info from?


was a lot of pressure on the BoE to cut rates, and stupid rumors were also floating around that they are going to cut rates.

[nhallmark]

MP,

I just read this entry and was wondering where you get your info from?

I think he is using Reuters.

Did you ever sell your house? You were right about LA. I'm out in Agoura Hills but when I go to LA :eek::eek::eek: It's crazy...all the people LOL.

btw, guys I'm officially back with a small account and I'm not making the same mistake twice ;)

[OceanView]

I think he is using Reuters.

Did you ever sell your house? You were right about LA. I'm out in Agoura Hills but when I go to LA :eek::eek::eek: It's crazy...all the people LOL.

btw, guys I'm officially back with a small account and I'm not making the same mistake twice ;)


Hey Nathan,

Good to hear your still at it.
As Winston Churchill use to say, Never Give UP!

My house is still on the market.
I may just take it off and wait till next year to sell it.
I think most people are on the side lines and are just waiting to see how much further the market is gonna go down.
Just watched Donald Trump talk about the RE market.
He thinks were at or near the bottom and thinks it's a good time to buy.

Just curious as to what your new strategy will be?
I have been trying something new for the last 2 months on a demo account and it looks like its working so far. I am about to move over to the live account with it.


Yeah, LA is crazy

[~Shard~]

Great to see you back Nathan, I wish you all the best with your trading. Unfortunately I have not been trading for the past couple weeks due to an insane work and home schedule. I hope to get back into it more actively again soon, but well have to see. This week definitely won't be it, as I am off to Vancouver on Tuesday for the week... ah well, it's a "good" kind of busy at least... ;) :)

Take care and happy trading everyone... :cool:

[100BIL]

Hey MP, thank you for your generosity of sharing forex knowledge.I was out
of forex loop for awhile after i blew out my demo account of 15K(started 5K).

I was demoralized,i thought i got it going then 1 day i just blew it.
Reading your post made me think of trying it out again but i just don't
trust any forex dealer out there wiping out every live accounts and i don't
know any person making profit from forex trading.do you know someone?

what do you think of cmsfx.com?they used vt trading software.

[nhallmark]

Just curious as to what your new strategy will be?
I have been trying something new for the last 2 months on a demo account and it looks like its working so far. I am about to move over to the live account with it.


I'm scalping with MMAs. Read the "Linuxtroll Simple Scalping" thread on FF for more info.

What's your strategy? Did you go live yet?

Great to see you back Nathan, I wish you all the best with your trading.

Thanks Shard. I needed the experience, I guess. It seems like a mandatory stage that every trader goes through, from what I've read LOL.

Hey MP, thank you for your generosity of sharing forex knowledge.I was out
of forex loop for awhile after i blew out my demo account of 15K(started 5K).

I was demoralized,i thought i got it going then 1 day i just blew it.
Reading your post made me think of trying it out again but i just don't
trust any forex dealer out there wiping out every live accounts and i don't
know any person making profit from forex trading.do you know someone?

what do you think of cmsfx.com?they used vt trading software.

I'm not MP, but if he doesn't mind me saying, I know he is making money. Shard, is as well, from my knowledge. I am getting there with the consistency part...I am making money, but there are still ups and downs at present(not losses but periods where I am constantly breaking even LOL)

I don't know much about CMS...do a search for them on FF. Also, in the Auslanco thread on FF, I think they use VT charts, so you might ask them.

Hope that helps,
Nathan

[Street Addict]

The best way I found to make money is play the news events and play with more lots 10 stander lots with only 10 pips is $100. On a good news like tomorrows big report you can easily 50-70 pips. You will lose some but accept the lost and get out don't be emotional.

[Music_Producer]

Hey nathan.. good to have you back bro! I finally logged in today.. have been so lazy with the whole logging in.. posting, etc.. and no one was posting.. so I figured everyone was busy trading.. or not!

Today's NFP was another classic.. lol.. I wonder where they get these numbers from. Got a good 35 pips on USD/JPY, could have held on a little longer but you know NFP post-trading.. gets crazy.

I'm really amused to see GU and EU back to their pre-data levels and even higher.. they probably smell a 'rat' with the NFP numbers. Should revise the term to near-fictional-payrolls or something of that sort.

I've been making money trading only fundamentals.. I did try out trading a few GBP/JPY technicals.. but every time I do that, I always lose pips. I trade technicals with very small lots, so it doesn't harm my account.. but I need to stay away. It's just that fundies/news reports have been slow these days, and I get bored.. so I try to play around with techs. Not worth it. (for me)

Shard, I don't think I can move to canada now. With the CAD $ going up so high.. I think all I can afford there is a little boat :p

Ocean.. Oanda's good for options reports, and other fundamentals.. but yeah, like nathan mentioned I get my reports from Reuters. I've been having some really good trades with canadian reports (a week or two ago i think) and NZ reports. I messed up big time on the aussie cpi report .. there were two CPI reports and I looked at the wrong one. Lost 40 pips. The worst part was if I had held on, I would have made a profit since it eventually did go back in the direction I entered the trade in. Ahh well.. another thing I hate now is that aussie retail sales have been coming out at the same time as aussie trade balance. Complete waste of two really tradable reports.

Anyways, keep posting.. I'll jump in every now and then.. Ocean, housing has a lot more rough patches to go through. Trump will talk like any realtor (yes housing has bottomed, now's a good time to buy) The credit crunch is going to get worse when all these buyers who are paying their home equity with credit cards.. won't be able to pay both!

[~Shard~]

Thanks Shard. I needed the experience, I guess. It seems like a mandatory stage that every trader goes through, from what I've read LOL.

Yep, don't worry, you're definitely not alone... ;) :)

I'm not MP, but if he doesn't mind me saying, I know he is making money. Shard, is as well, from my knowledge. I am getting there with the consistency part...I am making money, but there are still ups and downs at present(not losses but periods where I am constantly breaking even LOL)

Yeah, I'm making money with forex. Not enough to retire on but it's still better than losing money. ;) As mentioned previously, I haven't been trading much lately though - just too much on the go it seems. :(

Shard, I don't think I can move to canada now. With the CAD $ going up so high.. I think all I can afford there is a little boat :p

Myself and my wife just bought an apartment complex here in town (one of the many reasons I've been busy lately) and our ultimate plan is to condo-ize it. When we do I'll give you a deal on one of the units! :D

Yeah, 1.07, who would have thought... I'm eyeing a new MacBook Pro right now. The mid-range model is $2800 CAD but only $2500 USD which works out to even less after the exchange rate... Maybe the US economy will be sustained via strong retail sales #s due to cross-border shopping! ;) :D

Anyways, keep posting.. I'll jump in every now and then.. Ocean, housing has a lot more rough patches to go through. Trump will talk like any realtor (yes housing has bottomed, now's a good time to buy) The credit crunch is going to get worse when all these buyers who are paying their home equity with credit cards.. won't be able to pay both!

Totally agree - it's going to get worse before it gets better. But hey, with the low US interest rates now thanks to the Fed maybe more people will start buying homes - that will fix the problem, no? :rolleyes: :p

And I'll try to post more frequently here as well. It'll help once I start trading regulary as well. In the meantime, stay in touch everyone and happy trading! :cool:

[Cromulent]

Hi guys. I've been playing around with the OANDA demo account for a while now and was thinking about going in with a very small real account. Is it worth it? I mean I really am talking about a small account, what would be your minimum for starting out? Basically I just want to put enough in that if I lose it it won't make any real difference to me financially.

Plus is OANDA the best site to go with? I'm in the UK so I am unsure of these things at the moment.

[nhallmark]

Hi guys. I've been playing around with the OANDA demo account for a while now and was thinking about going in with a very small real account. Is it worth it? I mean I really am talking about a small account, what would be your minimum for starting out? Basically I just want to put enough in that if I lose it it won't make any real difference to me financially.

Plus is OANDA the best site to go with? I'm in the UK so I am unsure of these things at the moment.

What's your strategy? If it's news trading, like it was talked about at the beginning of this thread, then, no OANDA is not the best.

If your trading news, the only real solution is to do what Music_Producer is doing and get on the Currenex platform.(minimum deposit=$50k)

If it's not news, then IMO, OANDA isn't a half bad broker.

Like Music_Producer has said, start with $50(or around there). Don't deposit anymore until you've doubled that $50.(I think that's what he said, correct me if I'm wrong)

Hope that helps,
Nathan

Edit: You can start with $1 on OANDA so it's not a big deal if you lose it.

[Music_Producer]

Hey everyone, we have a big one today - bank of england rate decision. They will probably leave rates alone but all this Barclays business might push them to reduce rates.. I am hoping they do so.. for a great trade. GU has pushed up beyond 2.1000 level.. so a rate cut would bring in a good 150+ pips (or even more)

If you were watching the charts yesterday, it was a crazy day. Some chinese official opened his mouth stating that 'We need to diversify our reserves into stronger currencies such as euros, etc" and EUR/USD jumped up 100 pips in a few seconds. My news feed was closed.. so when I saw that huge spike I immediately opened the feed to see what was going on.

USD took quite a beating yesterday.. EUR/USD broke the 1.47 barrier.. and pound broke 2.100 level. On days like these, trade with the trend. It's the easiest way to do so - if you missed out on the initial spike.. wait for a retracement and some profit taking. Buy on dips - NEVER short against a major buying trend!

I was checking out another forum yesterday and someone shorted the pound at 2.1000 level because it's a major level.. and he thought it would be a good opportunity for resistance.. and it would fall 20-30 pips. He bet his entire account on it.. GBP/USD went all the way up to 2.1050.. he got a margin call and he lost about $80k. :eek:

So DON't try and guess a top or a bottom, I don't know why people do that. If BoE cut rates today, and the pound falls.. I am certainly not going to go long if it falls to 2.0900 or 2.0800. Sure, it might start heading back up.. but it's a dangerous situation - it can easily turn against you.. and very quickly. It's safer to be with the trend.. and don't bet your entire account!

I have been trading these trend trades with small lots.. just experimenting. This morning I was absolutely positive (500% sure) that the DOW was going to crash because:

1. GM posted $39 billion loss
2. All the citigroup news (losses in billions)
3. The USD taking a beating and china threatening to diversify
4. A bunch of other companies reporting losses
5. Fannie and Freddie (mortgage companies) being probed ..

When you have so many bad news lumped together.. the equity markets cannot stop a crash. What's funny was the retards in forexfactory stating confidently that GBP/JPY was going to go up.. all the way to 240 (it was 237.30 at the time) based on technical indicators "harmonious pattern, candlestick crap, etc"

That is the worst decision you can ever make - trade on techs when you have gloomy fundamentals staring hard at you in the face. These idiots never learn their lesson. I shorted GJ.. it started going up to 237.60.. but I held on because I knew this was simply profit taking.. getting ready for a big fall.

Sure enough, the DOW crashed 360+ points.. GJ went down all the way to 235.60 or so.. I cashed in with 100 pips. So good luck trading and if you're a tech trader, just keep some fundamentals in mind.. for your account's sake!

[~Shard~]

Great commentary and explanations Music_Producer, I completely agree. I've only had time for stocks and commodities (Gold is doing quite nicely for me since the end of August :D) but I miss forex so I'm going to make a point to start in on it again soon. Reading posts like yours reminds me of how much I enjoy ti and how much I've missed it these past few months... ;) :)

[Music_Producer]

Great commentary and explanations Music_Producer, I completely agree. I've only had time for stocks and commodities (Gold is doing quite nicely for me since the end of August :D) but I miss forex so I'm going to make a point to start in on it again soon. Reading posts like yours reminds me of how much I enjoy ti and how much I've missed it these past few months... ;) :)

I am so bummed man.. about gold.. I bought a few ounces when it was $725 or so.. I can't believe the damn thing is shooting up like there's a worldwide shortage. You said it follows a cycle though.. right? So it should slow down post-December?

Btw, if you have access to the Yuan.. check it out. It keeps rising against the dollar, and in my opinion it's almost a guaranteed bet that USD/CNY will keep dropping. Especially when the bank of china decides to float the currency. Their inflation keeps going up, so they have no choice but to hike rates. I've made 650 pips since the last 3 weeks on the Yuan (unfortunately with a small lot.. kicking myself.. if I was trading my usual lots.. I would have bought your apartment complex lol)

Btw, I am now on iTunes. So check my single out :p It was composed way back in 1997.. ten years to release it lol. I haven't changed the mastering, mixing.. nothing.. it's still vintage!

If anyone wants to ask questions about forex, first buy my track and then we can talk :D (my fee is 99 cents! and for you brits, aussies, etc.. that's nothing nowadays!)

http://phobos.apple.com/WebObjects/MZStore.woa/wa/viewArtist?id=266345846

[~Shard~]

I am so bummed man.. about gold.. I bought a few ounces when it was $725 or so.. I can't believe the damn thing is shooting up like there's a worldwide shortage. You said it follows a cycle though.. right? So it should slow down post-December?

That's correct, Gold is a seasonal play. I believe I explained it earlier in this thread, just search for "gold" as posted by "~Shard~" and I'm sure it will be easy to find. ;) Otherwise I can explain it again, however not right now as I am off to work... :D

Btw, if you have access to the Yuan.. check it out. It keeps rising against the dollar, and in my opinion it's almost a guaranteed bet that USD/CNY will keep dropping. Especially when the bank of china decides to float the currency. Their inflation keeps going up, so they have no choice but to hike rates. I've made 650 pips since the last 3 weeks on the Yuan (unfortunately with a small lot.. kicking myself.. if I was trading my usual lots.. I would have bought your apartment complex lol)

I don't, unfortunately... :( How about I just write you a check for $10k, you use 100:1 margin on it, making it $1M and trade that for me? ;) I'll give you a % of everything you make for me! :eek: :D

Btw, I am now on iTunes. So check my single out :p It was composed way back in 1997.. ten years to release it lol. I haven't changed the mastering, mixing.. nothing.. it's still vintage!

If anyone wants to ask questions about forex, first buy my track and then we can talk :D (my fee is 99 cents! and for you brits, aussies, etc.. that's nothing nowadays!)

http://phobos.apple.com/WebObjects/MZStore.woa/wa/viewArtist?id=266345846

Very cool, and congrats! I'll check it out and who knows, I might just pick it up... :)

[nhallmark]

That's damn good man, especially for '97. I grabbed it LOL.

I got a question for you(MP)...you've talked several times about how you "used to trade" and you lost a lot of money...and now you don't get stupid with it and you're able to keep your discipline. Is that right?

Well, I was going good and doing a lot better than I had expected and I was still maintaining my discipline, then I got stupid one day...my account isn't damaged too bad, but enough that I'm not trading until I regain my self control.

So, I guess my question is, do you still have problems with discipline and if, not what do you do to keep yourself under control?

Shard, I would like to hear your answer on this also, if you don't mind.

Is something you are always aware of and have to focus on daily(or when trading)?

Or, is it something that you've dealt with and it's no longer a problem?

I didn't really have this issue with news trading for some reason, but now it's the one thing keeping me from consistency LOL.

Edit: MP, did you use tunecore to get it on iTunes? Also, you should get Apple's affiliate program so you can get an extra 5 cents out of the
30 they take LOL.

[Cromulent]

What's your strategy? If it's news trading, like it was talked about at the beginning of this thread, then, no OANDA is not the best.

I was planning on trading on maths based assumptions. I've been doing a bit of reading on the subject and there seem to be a few ways to work in this manner.

[Music_Producer]

That's damn good man, especially for '97. I grabbed it LOL.

I got a question for you(MP)...you've talked several times about how you "used to trade" and you lost a lot of money...and now you don't get stupid with it and you're able to keep your discipline. Is that right?

Well, I was going good and doing a lot better than I had expected and I was still maintaining my discipline, then I got stupid one day...my account isn't damaged too bad, but enough that I'm not trading until I regain my self control.

So, I guess my question is, do you still have problems with discipline and if, not what do you do to keep yourself under control?

Shard, I would like to hear your answer on this also, if you don't mind.

Is something you are always aware of and have to focus on daily(or when trading)?

Or, is it something that you've dealt with and it's no longer a problem?

I didn't really have this issue with news trading for some reason, but now it's the one thing keeping me from consistency LOL.

Edit: MP, did you use tunecore to get it on iTunes? Also, you should get Apple's affiliate program so you can get an extra 5 cents out of the
30 they take LOL.

Hey man, thanks! You're my first customer :p

I have problems with discipline everyday, believe it or not. Like I posted earlier, if there are no major news trades.. I get bored, and then I start looking at charts, and start trading technicals. Today I traded the GJ collapse, I traded EUR/TRY, GBP/USD.. a lot of pairs, but with really small lots (micro lots)

The only way I stop being greedy is I actually put large stickers on my trading desk which boldly state "No technical trades" or "Don't be greedy" or "You really wanna blow your account again". Really silly things, but they work. They're staring at me in the face, and helps remind me every time I take a trade.

The part that is dangerous is when you trade small lots, and you get successful (all my trades today were profitable) you get confident.. and then you wish "I made 100 pips today, with only $10 profit. If I had put in all my money, I would have made $10,000 profit".. and then before you know it, bam.. you've put all your money on a stupid trade, which ends up wiping out your account.

I also think that the factor that really prevents discipline is the failure to accept that you're wrong. When I would hold on to a losing trade, it wasn't about the fear of losing money (well yeah a little, lol) but also that "I can't be wrong. According to me, this should go up.. and it will" It's like an insult to your intelligence that a trade is not working out according to your strategy. That's how most fund managers end up losing billions. It's a pretty common trend amongst us traders.

So yes, I deal with it on a daily basis. I don't think you can ever get used to being disciplined. We're greedy basically, and we need to be reminded of the pitfalls.

The music bit, no I submitted it to iTunes jukebox (a really long time ago) and then I came across tunecore which seems like better value (I don't know if they are faster in uploading your tracks)

Be patient man, and don't get greedy and stupid! I wish there was someone physically standing behind me, that everytime I wanted to jump in a trade.. they would whack me lol.

[OceanView]

MP,

I didn't know you were a real Music Producer.
Your song sounds pretty good. Most of your music is Techno? Just wondering.

Nathan, sometimes it's best to play for a short time and turn off the computer and do something else. The more you play, the more chance you can loose. :-(

I have been in a loosing trade this past week.
In the hole for $15K right now. :eek:
I can't get out till the dollar gets stronger, hopefully next week.
It so scary how fast the market can turn on you. I was doing really well until this last trade. Made over 500% of my initial deposit and then boom, S*** hit the fan. Now I am just hoping that I can get out without getting a margin call.

[Music_Producer]

Ocean, ouch - this market has been dollar bearish since the Feds cut rates. Don't tell me you went long on EU or GU. I do expect EU and GU to go down this week, but that would be mostly based on profit-taking.. and not really dollar strength as such.

This week there are a lot of reports - GU has already been dropping since some rumors about a huge writedown in Barclay's came out. EU.. I am not sure it will see a lot of action unless the ECB steps in.

For long term - dollar is very weak.. short term there might be some bearishness. So far, no one has intervened with the dollar falling so low, it's like no one is interested in stopping the fall.

Check out the carry pairs.. it's unwinding time all over again.

[Music_Producer]

Ocean, wake up! $ is staging a rally since last night.. GU's fallen 300 pips or so.. EU fell 100+ pips.. hope you're out of the hole.

[OceanView]

Ocean, wake up! $ is staging a rally since last night.. GU's fallen 300 pips or so.. EU fell 100+ pips.. hope you're out of the hole.

Ha ha I'm here.
Just been busy.
I am about 10K down and doing some minor trading in the meantime.
Hoping the get some of my losses back.

[~Shard~]

Well, I executed my first forex trade in a couple months last night - it's good to be back! :D

I received consistent signals from 3 different technical indicators I have set up and decided to short the USDCAD based on that. Made 60 pips on a $100K lot while I was sleeping - very nice! :cool:

I hope to get back into news trading this week as well, as I find it much more reliable than techical trading, at least when it comes to forex. I'll post my results...

[OceanView]

Well, I executed my first forex trade in a couple months last night - it's good to be back! :D

I received consistent signals from 3 different technical indicators I have set up and decided to short the USDCAD based on that. Made 60 pips on a $100K lot while I was sleeping - very nice! :cool:

I hope to get back into news trading this week as well, as I find it much more reliable than techical trading, at least when it comes to forex. I'll post my results...


Good for you Shard.
Sometimes taking breaks are a good thing.

[~Shard~]

Good for you Shard.
Sometimes taking breaks are a good thing.

Quoted for truth! :cool:

[Music_Producer]

I hope to get back into news trading this week as well, as I find it much more reliable than techical trading, at least when it comes to forex. I'll post my results...

You bet :) The last few days were excellent because of UK reports.. the BoE inflation report really slammed the pound because it basically forecast a rate cut.

Then there was the bad retail sales #. Since the inflation report. GBP/USD has gone down almost 400+ pips.

Carry trades are funny.. when there no market reports of banks in trouble.. or reports of losses, they start moving back up .. slowly but steadily. AUD/JPY went above 107 a few weeks ago! It's back at 96 now.. lol. I love watching these things drop . it's like a free fall. I do get tempted to jump in but honestly it's pretty scary since you never know when they might reverse direction. I just play around with small lots.

Hope everyone is trading sensibly.. don't blow your account. Use good risk management (especially if you are trading technicals!)

[~Shard~]

Looking forward to some key economic reports next week and the resultant potential trades. For this week though, I'm done, other than perhaps a short or two on the stock markets today... ;) I had a couple good forex trades this week and will slowly get back up to full trading speed I hope! Now that winter's coming what else is there to do? ;) :D

[nhallmark]

Carry trades are funny.. when there no market reports of banks in trouble.. or reports of losses, they start moving back up .. slowly but steadily. AUD/JPY went above 107 a few weeks ago! It's back at 96 now.. lol. I love watching these things drop . it's like a free fall. I do get tempted to jump in but honestly it's pretty scary since you never know when they might reverse direction. I just play around with small lots.

I have noticed this LOL...trading EJ though. IMO, the best time to get in is when the market is active(during london for example) and when it breaks a .00 level. It has to fly through it though to mean anything. I've made a lot doing this for the past few weeks. EJ usually stalls at 86-87 so I get out there with 10-12 pips usually.

Since we're coming up on the holidays, when does everything die down?

Last year(wow, its been a year LOL) I was still on demo just trading news and I remember during Christmas nothing moved because of low volume, etc.

So, when does everyone take off for the holidays from your experience?

I'm thinking London shouldn't be a problem next week because they don't have thanksgiving. I guess we'll see.

[nhallmark]

Quoted for truth! :cool:

Yes, this past weekend after my bad discipline day, I drove up the coast and came back with a completely different mindset.

When I first started scalping, I would take only one trade per hour(thats conservative for scalping) and then not watch the charts until the next hour.

The logic being that when the market is moving, each candle on a 1hr chart goes somewhere. So, I would just catch a little of that move each hour and take a break after every one. This really helped me stay objective.

I think I'm about to start doing that again LOL.

[~Shard~]

Ah, what a way to end the week! The reports came back from a junior oil & gas exploration company here in the province which I had an inside line on and they did it - they found oil! :D Bought 50,000 shares @ $0.17 a while ago. Just sold @ $0.47, I don't even care if it goes up more... Well, if it pulls back due to profit-taking though I might pop back in at a discount.. ;) :D

The company is Nordic Oil & Gas - NOG on the TSX Venture exchange...

Yeah, not forex-related, but I haven't had a big win like this in a looong time and had to express my joy somewhere... :)

[Blue Velvet]

Someone mentioned gold? Check the highest price ever reached for gold, adjust it for inflation, index it to today's prices, and imagine how much further it could potentially go...

[~Shard~]

Someone mentioned gold? Check the highest price ever reached for gold, adjust it for inflation, index it to today's prices, and imagine how much further it could potentially go...

Way ahead of you BV, but thanks. ;) I've made a fair bit on that lovely precious metal so far... :cool:

[nhallmark]

Ah, what a way to end the week! The reports came back from a junior oil & gas exploration company here in the province which I had an inside line on and they did it - they found oil! :D Bought 50,000 shares @ $0.17 a while ago. Just sold @ $0.47, I don't even care if it goes up more... Well, if it pulls back due to profit-taking though I might pop back in at a discount.. ;) :D

The company is Nordic Oil & Gas - NOG on the TSX Venture exchange...

Yeah, not forex-related, but I haven't had a big win like this in a looong time and had to express my joy somewhere... :)

Good job, Shard!

Way ahead of you BV, but thanks. ;) I've made a fair bit on that lovely precious metal so far... :cool:

Good job again :p I admire your knowledge of other markets. And I admire that your results seem to be very consistent ;)

I know you've explained some things in the past about gold/$ correlations, oil seasonal stuff, etc. but if you ever feel like explaining some more, I'm listening :)

[kbcash35]

Hey guys, Ive been looking to officially get into Fx trading for a few months now, but still looking around to find out if there is a sitable platform out there for me... Ive skimmed through the threads here and Ive come across Oanda, CMC and currenex, Im only family with forex.com as i did the practice account and started making good gains as a technical trader.....

Through my reading CMC isnt great, so thats out of the picture... forex.com to me is easy to understand, so I'm considering opening an account there... any suggestions on this platform, the difference from others.. or what platforms would you guys reccommend especially for a newbie... thanks :)

[Music_Producer]

Ah, what a way to end the week! The reports came back from a junior oil & gas exploration company here in the province which I had an inside line on and they did it - they found oil! :D Bought 50,000 shares @ $0.17 a while ago. Just sold @ $0.47, I don't even care if it goes up more... Well, if it pulls back due to profit-taking though I might pop back in at a discount.. ;) :D

The company is Nordic Oil & Gas - NOG on the TSX Venture exchange...

Yeah, not forex-related, but I haven't had a big win like this in a looong time and had to express my joy somewhere... :)

Express your joy by giving me and nathan 2 condos in your complex :D Nice job mate.. inside line and all eh? Hehe.. who knows, it might become the next Haliburton so hold on to a few shares!

[~Shard~]

Express your joy by giving me and nathan 2 condos in your complex :D Nice job mate.. inside line and all eh? Hehe.. who knows, it might become the next Haliburton so hold on to a few shares!

Not really an "inside line", but let's say a gem that wasn't on anyone's radar screen - well, until now... ;)

Did a couple technical trades last night, made 16 pips in total, not too shabby. Very short term trades, only a couple minutes- can't get greedy and have to stick to the plan. :cool:

And no worries, if yourself or Nathan ever plan on coming up here you'll always have a place to stay! :D

I'm looking at shorting USDCAD again in the near future, but the timing isn't quite right yet. In general I'm bearish on the USD. It's going to be interesting to see see what happens next year when hundreds of millions of dollars of current mortgages come up as due... guessing that won't make things any better... :eek: I potentially see a word beginning with "R" in the USA's future... just maybe...

[nhallmark]

MP, I guess we know why you got denied for that Citi card a few weeks ago :p

What do you guys think about the reaction?(JPY pairs shooting up)

[OceanView]

Time to go long on the Pound and the Euro.

Everyone is talking about 50 basis point cut on the interest rate.
Someone even mentioned 100 basis points :eek:

[~Shard~]

Time to go long on the Pound and the Euro.

Everyone is talking about 50 basis point cut on the interest rate.
Someone even mentioned 100 basis points :eek:

I just heard a similar story on CNBC tonight. Yep, may not be a bad idea... :cool:

[~Shard~]

22 pips on the CAD interest rate decision this morning. 7 pips scalping tonight using 1-minute charts and technicals... :cool:

[~Shard~]

ADP report is coming out in 25 minutes - I'll be watching for a potential trade - and then again 15 minutes later on the other US data...

[Music_Producer]

22 pips on the CAD interest rate decision this morning. 7 pips scalping tonight using 1-minute charts and technicals... :cool:

22 pips? Man, you were super slow weren't you? :p That was a good 120 + pip trade.. hehe.

Ocean.. I wouldn't go long myself.. I'm still waiting for the UK interest rate decision. Their banks are in trouble.. so if you go long on GBP/USD and they cut rates..

[~Shard~]

22 pips? Man, you were super slow weren't you? :p That was a good 120 + pip trade.. hehe.

Yeah, I suck. :p :D

[nhallmark]

.. so if you go long on GBP/USD and they cut rates..

uh..err...how'd that turn out?

[~Shard~]

Getting ready for NFP in half an hour... should be interesting as always!

[Music_Producer]

uh..err...how'd that turn out?

I just got 21 pips on that one, it dipped about 60 pips or so.. retraced and went back up. It was widely expected that they were going to cut rates (from more than a month or so) I hope you didn't go on felix's signals or the forexfactory calendar.. they're a little 'behind' lol.

Reuters has a nice little section where you can see the rate futures of any currency.. and how much a cut/hike is priced in. Bloomberg has a better data model I believe, I've seen a screenshot of it once.. was pretty impressive. Pound had dropped about 300 pips or so expecting a rate cut.. so there wasn't much move left.

[Music_Producer]

Getting ready for NFP in half an hour... should be interesting as always!

How did that go? I couldn't trade NFP :(

[~Shard~]

How did that go? I couldn't trade NFP :(

Whoops. kinda left you guys hanging on that one. :o ;) It was a rather messy trade - well, as far as using CMC goes (yeah, still with them, they are still doing the trick for the most part for me <shrug>) but I managed 11 pips shorting the EURUSD (only $100k lot since it was NFP). Lots more pips to be had but I second-guessed myself on the whole retrace thing and, well, decided to err on the side of caution this time.

I think the USD might strengthen just a tad today/overnight as the week starts off slowly, but after that I see a potentially strong week for the EUR, GBP, etc. against the dollar. Well, not sure about JPY, there seems to be an inverted head and shoulders pattern there, not sure what to make of that... Of course technicals mean absolute crap when the fundamentals speak their mind... ;)

Regardless, I think the 25 bps cut might be priced in, but I doubt a 50 bps cut is, and I have a hunch we just might see that. I will be ready to go long on EURUSD, GBPUSD and AUDUSD if things go the way I think they might. I like AUDUSD especially due to the attractiveness of the carry trade on this pair with the current (and now potentially even lower) USD rate.

I'll make my move tomorrow - or sooner if the stars align and the opportunity presents itself. :cool:

[paulbaker]

It looks like lots of folks here are into FX. I have been in and out.

Can some one please list a few dealers / companies that are honest to deal with...

ie. that don't send you a letter stating that your profitable trades were not executed and not valid...

I would like to get back in the game, but there are so many crooks out there now...

[Britguy]

MP is your broker still working for you at newstime? Any thoughts on FOMC? My gut instinct is they'll cut 50bps.

[~Shard~]

I'm making a special trip home over my lunch hour just to watch the trade. ;) :D My gut says 50 bps as well, but I'll be ready to trade accordingly regardless of the announcement. I feel a 25 bps cut is priced into the market, but definitely not a 50 bps cut...

Should be fun! :cool:

[Music_Producer]

Well, that was fun - i got 20 biggie pips (4 million units) so I'm quite satisfied. Did the announcement take time to come out or was it just me? I didn't get in on the spike.. got in a few seconds later.. rates cut by 25 bps.. not by 50 bps as 30% of traders had hoped for.

There goes the DOW.. stupid market psychology.. now it's going to drop because the whiners are sad that they didn't get a 50 bps cut LOL.

Britguy, yes I can still trade the news without a problem.. what about you?

[Music_Producer]

I feel a 25 bps cut is priced into the market, but definitely not a 50 bps cut...

Should be fun! :cool:

Actually, Shard.. traders were expecting a 50 bps cut (15% were even expecting a 100 bps cut.. geez!) Right now everything is going to be choppy until markets figure out the final trend.

My personal opinion is bearish on GBP/USD and bullish on EUR/USD but I am not at all certain, which is why I am out for now. Obviously since this was bad for the DOW, GBP/JPY is taking a hit and so are most carry pairs. Look at AUD/JPY.. dropped 200 pips. Should have traded carry pairs instead of USD pairs :mad:

[Music_Producer]

I've just shorted GBP/JPY at 226.35.. will exit at 225.50 (if it goes there.. it should)

[Music_Producer]

Exited at 225.77.. no patience!!

[Music_Producer]

Ok, it hit 225.50 lol. Always does that as soon as I exit :p

[~Shard~]

Nice trade Music_Producer! I didn't realize so many people were planning for a 50 bps cut. And a 100 bps cut! :eek: Regardless, we only saw the 25 bps and was able to grab a modest 6 pips in the resulting action - I didn't want to get too crazy. :)

[Music_Producer]

Nice trade Music_Producer! I didn't realize so many people were planning for a 50 bps cut. And a 100 bps cut! :eek:

Yup, all the loonies on wall st basically want the Feds to cut rates to zero.. so they can start lending money out to cash-hungry consumers with zero savings and no ability to re-pay :rolleyes: Spend! Spend!

[~Shard~]

Yup, all the loonies on wall st basically want the Feds to cut rates to zero.. so they can start lending money out to cash-hungry consumers with zero savings and no ability to re-pay :rolleyes: Spend! Spend!

Yep, keeping lowering those rates so consumers who can't afford things will continue to buy them, creating more debt and all that good stuff. To me it's indicative of an irrepsonsible society with a "must have" mentality where consumers want their big homes, fancy new SUVs, plasma screens and all that whether they can afford them or not. Sad, really, yet this is how a large percentage of US consumers seem to behave. And the worst part is that they are either oblivious to the fact that what they are doing is foolish, or they aware of said fact yet don't care. :rolleyes:

[Britguy]

MP,

Not a lot of joy with trading the spike, i always get a requote or filled late. But I am using a retail broker so will change in the new year. How is your broker on filling you CAD releases, as they seem the best movers recently?

[~Shard~]

Shorted GBPUSD based on the breaking RCIS data from last night. Did NOT look good at all. Stop order @ 25 pips profit hit while I was asleep. :cool:

Also scalped 7 pips with EURJPY last night via 2 trades...

A ton of US data coming out at 7:30, should be fun!

[~Shard~]

Seemed like a delayed reaction (at least on CMC :rolleyes: ) but I was watching for a drop and took it, even though it was noticeably after the news came out. Shorted EURUSD for 13 pips 1.4489 to 1.4476. Had AUDUSD on my radar as well and caught 2 pips on the retrace. ;) :D

The reason I was watching AUDUSD is the best part though - I opened a technical trade on it last night and shorted it overnight, as it didn't break through the triple top @ the 90 level, and long-term MACDs were providing serious resistance. My stop was hit for a profit of 25 pips!

A great way to end the week - I hope you all were able to profit as well. :cool:

[OceanView]

Hey Shard,

Looks like a nice little profit you've made there.

Can you give some advice on gold investing?
I can't remember exactly what you said about it.
Which time is the best time to buy and sell?
I have been thinking about it for long term investing (6mo or longer)

Thanks

[~Shard~]

Hey Shard,

Looks like a nice little profit you've made there.

Can you give some advice on gold investing?
I can't remember exactly what you said about it.
Which time is the best time to buy and sell?
I have been thinking about it for long term investing (6mo or longer)

Thanks

Thanks, can’t complain. :) Lately I’ve been having a lot of success implementing my technical trading strategies for scalping when the North American markets are closed. Doing it during trading hours would be suicidal I think! ;) As with everything, discipline is the key. :cool:

Gold trading (as part of commodity trading in general) is an excellent complement to forex trading. Gold has an inverse relationship to the USD, so if you have your finger on the pulse of what is going on with the US economy, what direction the dollar is heading, etc., you can capitalize on trading Gold appropriately as well, ideally making money both ways! Whenever significant US news comes out, I’ll watch Gold as well as the USD and trade accordingly. Through CMC I have access to Gold Futures contracts as well as Spot, so I can actually buy contracts (essentially ounces of gold) outright as opposed to buying a fund, stock, ETF or some such investment vehicle which focuses on Gold. I prefer dealing with the actual commodity because of fundamentals. Gold is gold. Sure, I can buy Barrick Gold or GoldCorp, but it doesn’t really matter what the price of the underlying commodity is if one of these companies announces an accounting scandal... ;)

As for when to buy Gold, as I alluded to before, look at the overall macro picture of the US economy with regards to the USD. You need to be aware of the current conditions obviously.

But past that, regardless of what is happening on a macro scale, Gold does exhibit distinct seasonality every year. I cannot comment on the US Gold sector, but here in Canada where it is much larger (and hence where I focus my efforts), seasonality for Gold occurs between (roughly) July and September of every year. Just look at a 5-year or 10-year chart for Gold, ETFs such as XGD, etc., and you’ll see a definite pattern. In fact, out of the last 10 years, during the period of July-September trading the TSX Gold sector has been profitable 9 times with an average return per period of 16.6%. The commodity itself has seen returns in the neighborhood of 6% every year for the past 10 years during this period as well.

As for factors, there are many. Gold producers typically report their strongest results and earnings during the 3rd and 4th quarters. Gold also strengthens when gold fabricators purchase gold to make jewelery for the Xmas season and Dhaliwal season. (India is the largest consumer of gold in the world and the Indian wedding season is peak when it comes to gold demand!)

Knowing these types of factors is key to seasonality – and this applies for any and all sectors. For the IT sector it is September to January, averaging 15.9% gain each of the past 10 years. Reason: the fourth quarter is the strongest revenue and earnings quarter. Consumer electronic sales prior to Xmas also impacts this, and the climax is often seen with the CES in Vegas every January. Healthcare, same thing – key conferences are in September (oncology conference) and January (JP Morgan health conference). This sector has a history of reaching a seasonal high just after the JP Morgan conference. In addition, there is always a higher frequency of drug approvals prior to year end. Period of seasonal strength? For the TSX, it’s the end of November until the end of February, averaging 7.5% gains each year for the past 10 years (7 out of the 10 have been profitable.) For the S&P it’s August until January...

Anyway, I could go on and on. Hopefully this has been of some help. :cool:

[OceanView]

wow, that's a lot of info.
Trading 4X after hours? :eek:
MP would have a heart attack if he knew that. :D

I didn't know you could trade gold by spot.
Maybe I will wait till June-July to buy gold since that is just before the season starts. Going to start investigating gold as I need something more long term alternative to stocks.

Thanks Shard for your vast knowledge and your willingness to share it. :)

[Music_Producer]

Hope you guys made some pips on the US core cpi report today.. was a good 68-70 pip drop for 2 minutes.. I managed to get 34 pips. I was a little slow because I was used to the fact that core CPI usually, never shows any changes.

Shard.. what's dhaliwal? You mean diwali? :D lol You're lucky you can trade gold on cmc.. what's the spread like? Oanda has gold (XAU) but spreads are massive.

Ocean.. i have had so many heart attacks when i was a rookie trading forex.. that I'm used to them by now ;-) Is your house still on the market? You might find some buyers now because rates were cut.

Britguy, CAD releases are the best to trade (along with AUD reports) I get instant fills, but I have to watch out for spreads. Sometimes, for a second the spreads go to 25-35 pips, and then come back to normal. There are times when the spread is 'inverted' .. lol, that's the easiest way to make money. For e.g. GBP/USD is 2.0200 sell and 2.0203 for buy (3 pip spread) the whole thing gets reversed - it becomes 2.0203 sell and 2.0200 buy. Easy money right? All you have to do is hit 'buy' or 'sell' and quickly close that trade, lol.

These events happen on a daily basis.. but you have to be really quick to catch them. I know I missed out on a lot of these.

[OceanView]

Ocean.. i have had so many heart attacks when i was a rookie trading forex.. that I'm used to them by now ;-) Is your house still on the market? You might find some buyers now because rates were cut.


I have had a few heart attacks myself this year (not actual) as my 4x account balance has dramatically been up and down.

I've taken the house off the market for now.
Too many low ball offers just driving me crazy.
I had 2 good offers back in March and April of this year that I did not take because of other issues of the offer.
My house is about $100K less in value now :mad:
I really hope the market has bottomed but it may take another 6 months.
It seems that the buyers are waiting or low balling in hopes to get a deal from a desperate seller. Their mentality is that the longer they wait, the lower the prices will get.

My hopes of selling and moving to Canada will have to wait a bit long :( :D

[nickolas]

Hi there.

New to Macs and new to forex!

I was wondering about using dollars to buy the chinese renminbi.
After the Chinese central bank decided to let it float it steadily strengthens over the dollar.

What are your thoughts?
Given that I live in the eurozone, should I sell euros for renminbis instead?
Also can you give a link for a reliable forex company? Preferably one that I can open a small account for the beginning.

[~Shard~]

wow, that's a lot of info.

Be careful what you wish for! ;) :D

Trading 4X after hours? :eek:
MP would have a heart attack if he knew that.

Yeah, I have managed to find some good trades during the Asian sessions. After dinner I’ll usually pop on and look for trade opportunities during the evening before I go to bed. Well, when I’m not out doing other things. ;)

Thanks Shard for your vast knowledge and your willingness to share it.

No problem at all. :)

Shard.. what's dhaliwal? You mean diwali?

Wow, did I ever screw that one up! Haha, my apologies! :o ;)

You're lucky you can trade gold on cmc.. what's the spread like?

It varies on the time of day but during N. American trading hours it’s usually $0.50–$1.00 - not too bad...

CMC Canada allows me to trade all types of commodities, although I just stick to metals and energy. Technically I can trade silver, copper, heating oil, cocoa, sugar, wheat, corn, lumber, you name it!

And good luck with your house situation OceanView, I hope things will work out for you in the near future. :cool:

[Britguy]

Mp,

Thanks for the advice. I wonder why get instant fills on CAD/AUD releases and not other releases. Roughly what size are you trading at news time? 25-30pip spreads on EUR/CAD releases is not bad if you get 100pip move.

There are some good GBP releases this week. I am looking forward to it. Do you have any thoughts on GBP/JPY and its general direction?

[Music_Producer]

Mp,

Thanks for the advice. I wonder why get instant fills on CAD/AUD releases and not other releases. Roughly what size are you trading at news time? 25-30pip spreads on EUR/CAD releases is not bad if you get 100pip move.

There are some good GBP releases this week. I am looking forward to it. Do you have any thoughts on GBP/JPY and its general direction?

Probably because most traders only concentrate on GBP, EUR/USD.. and of course, USD/JPY. These are the three major pairs that everyone trades.

Depending on what news it is.. I vary my lots.. hope you traded the BoE minutes.. that was completely unexpected. All 9 members voted for a cut.. was a massive drop in GBP/USD.

On interest rate decisions.. I keep up to 5 million units ready to trade.. on smaller news.. I reduce it to a million. I don't trade trade balance reports any more.. they're useless. Also, when trading interest rate releases.. always keep an eye out on what the market buzz is.. that is, what the traders are expecting or have priced in. For instance.. the recent UK rate cut.. everyone expected that.. so price movement wasn't that great.

Everyone expected US to cut rates by 50 bps.. but they only cut by 25 bps.. so USD actually went up against the other pairs. These things can really confuse someone (heck it confused me for the longest time when i was trading) if they're new.

GBP/JPY is going to be choppy - I've been expecting it to go down since last year.. lol.. but the carry traders are keeping it up. All it needs is a jpy rate hike to burst it's bubble. Fundamentally, it should go down - but it's hard to fight the carry trade institutional funds. At every dip, traders look at it as an opportunity to buy.

In a way, it's a great pair to trade as it swings up and down.. but it's not for the weak of heart. It can swing 300 pips in any direction.. so if you're trading big sizes.. you can easily get a margin call. I would advise against trading gbp/jpy except during certain announcements related to the overall health of the carry trades (or the GBP).. JPY news usually does not affect it that much.

[Britguy]

I straddled the BOE minutes, got ffilled at 2.0125, a bit low, but still made 40 pips. The GDP is tomorrow. I think the £ may rally on this. as only 0.7 is expected. Also Retail on friday is a good trade.

I obeserved the currenex spreads on the CAD CPI. USd/cad seemed ok. But Eur/cad went to 50pips at one point. How do you deal with such big spreads?

[nhallmark]

MP, do you have FOK orders on Currenex?

I was talking to a guy at a prop desk in Miami a few weeks ago. He was saying they and others have been asking Currenex to implement some type of FOK or slippage control for years and they finally implemented it.

He was saying it was just added a few weeks ago.

According to him, you set it, for example, to, say "buy at bid +3" and if the spread is 2 then you're basically allowing one pip for slippage...opposite for shorts, obviously.

Do you have this feature yet? If so, how is it?

[nhallmark]

Also, has anyone had problems loading Oanda's platform since the Java update?

For some reason, my charts hang and they won't load now. The only workaround is using Firefox in parallels, that I have found.

Any idea what the issue could be?

[~Shard~]

Sorry nathan, I don't use Oanda anymore so I can't offer anything on this one... You'd think if there was a legitimate, serious issue though they would address it fairly quickly. Hope it gets sorted out for ya soon...

[nhallmark]

Sorry nathan, I don't use Oanda anymore so I can't offer anything on this one... You'd think if there was a legitimate, serious issue though they would address it fairly quickly. Hope it gets sorted out for ya soon...

Thanks, Shard. I'll get it figured out somehow :p

[~Shard~]

Thanks, Shard. I'll get it figured out somehow :p

Good luck - and no need to thank me, I didn't really provide you with any value on that one. :o ;)

[nhallmark]

Good luck - and no need to thank me, I didn't really provide you with any value on that one. :o ;)

LOL. I don't know what the issue was, but when I tried to resize the chart windows, they finally loaded :confused: I guess I'm going to have to do that every time :rolleyes:

And, of course, Oanda was no help in the matter ;)

[Music_Producer]

Merry Christmas everyone! (or happy holidays - but the same sentiment of course) Here's a little toast to nathan, shard, ocean, britguy, well everyone really.. the regulars and the not-so-regulars. :D

Nathan.. no slippage control on Cnx yet (they name it FOK? lol.. yeah i get FOKd every time the spreads go up) Who knows when capital fx will implement it.. but that would be a very welcome feature indeed.

[nhallmark]

Merry Christmas everyone! (or happy holidays - but the same sentiment of course) Here's a little toast to nathan, shard, ocean, britguy, well everyone really.. the regulars and the not-so-regulars. :D

Nathan.. no slippage control on Cnx yet (they name it FOK? lol.. yeah i get FOKd every time the spreads go up) Who knows when capital fx will implement it.. but that would be a very welcome feature indeed.

Merry Christmas to you too!

FOK=Fill Or Kill...i.e. fill at price clicked(or in an acceptable range) or cancel the order...so you don't get FOKd :p

Edit: Currenex also has it on their site now... "Limits, at-best, partial fills, fill or kill, stoploss limits" http://www.currenex.com/clients_leveraged_funds.html

[OceanView]

Ha ha ha ! That's funny guys :D

Currently lost in Vegas.
That's lost as in lost my money and lost when I was driving around.
This place keeps growing and growing.
Population base just passed the 2 Million mark.

Shard you still interested in real estate here?
Well, don't buy anything right now.
Prices are really dropping right now. :mad:
My house here has dropped about 25% in just 1 year with no end in sight. :eek:

Well back to the casinos :cool:

Happy Holidays to everyone, I hope the best for next year's trading.

[~Shard~]

Thanks for the warm wishes Music_Producer, I hope this holiday season has been a good one for you as well - in addition to everyone else as well of course! ;)

Been busy with important things lately (i.e. family :) ) but will get back into trading tomorrow, slowly... Then I'll be away again for the first 3 weeks in January, as I'll be on vacation. Trust me, the markets will be the last thing on my mind during that time! :D

[~Shard~]

Shard you still interested in real estate here?
Well, don't buy anything right now.
Prices are really dropping right now. :mad:
My house here has dropped about 25% in just 1 year with no end in sight. :eek:

Nah, I investigated things quite a bit, but decided the timing wasn't right - as you say, prices are still dropping. I've focused on the market right here at home, as I obviously understand it a lot better, I am very good friends with one of the top real estate agents in the city and, well, put simply our market is appreciating here, not depreciating! ;) :D We saw between 30-40% gains last year and another 15% pop is expected this spring alone. I plan on making some money during the next couple of years here on investment properties and getting out before things cool off. The nice thing with our market is that, here at least, it will never crash, it will simply level off for a while - our market has been undervalued for quite some time, is only now catching up and the economy here is booming.

Plus, real estate here is still affordable for individual investors such as myself to participate. To this end, myself and my wife just bought two 2-bedroom condos located right downtown which we plan on selling later next year. Things look good! :cool:

Well back to the casinos :cool:

Happy Holidays to everyone, I hope the best for next year's trading.

Good luck and all the best to you as well. :)

[nhallmark]

Did anyone get in on NFP this morning? :eek: I just watched, personally...better safe than sorry ;)

I like the new avatar, Shard! Looks like the Finder is getting really impatient for MWSF :p

[Britguy]

Yes I got in. It was a great trade. I made over 180pips trading it, and retraces afterwards.

[Music_Producer]

Yes I got in. It was a great trade. I made over 180pips trading it, and retraces afterwards.

:eek: See.. most traders just make a living trading the NFP.. you can see how. I've been out for a few days.. down with the flu :mad: (and right after I told my niece that I didn't need a flu shot.. since I was.. er.. strong.. lol)

Right now I want to sleep.. but I'm waiting to see why the Apple store is down :p

Edit - Btw, check out what happened to the GBP/JPY after the NFP and unemployment data came out.. more than a 250+pip drop :-)

[nhallmark]

Yes I got in. It was a great trade. I made over 180pips trading it, and retraces afterwards.

Good Job man! Even after a year, I still don't have the guts to trade NFP :o

MP, Shard, and everyone else, what are your thoughts on the situation we're facing in the US right now?

From my limited knowledge/experience, it seems that back in August when BNP Paribas "froze" that was a "systemic bank failure", was it not?

I'm basing that off of this article...

http://www.mises.org/journals/scholar/oberholster.pdf

If so, it seems very serious for the entire financial system. Like I said, I'm very uneducated in this area and I'm just trying to get an idea of what we're in for...with speculation ranging from "It's no big deal" to "It's the end of the world" LOL.

Thoughts?

[Music_Producer]

Wow, that Canadian employment report was a treat to trade :D

Nathan.. US economy.. I'm somewhere between ' it's the end of the world' and 'it's all going to be ok'.. but I'm definitely not optimistic. The worst case scenario would be a complete collapse of the currency system - that's what scares me.. or hyper-inflation. When your $s won't buy you anything - that picture of a woman burning currency notes as firewood, because it wouldn't buy her anything.. always comes back to me.

If that happens, you know how gold and other metals will sky-rocket. I think it's always a good idea to diversify some of your savings into precious metals. For the long term at least.

What bothers me is all this credit system. It always has bothered me.. from the first time I landed in the US and realized how people who make $30,000 a year can 'lease' a BMW 5 series.. no sense of savings at all! It's finally caught up with the banks now. It's amazing to see all the big banks asking investors for funds (Citibank, etc) Bank of America just bought CountryWide.. the stupidest decision I would think. What the hell were they thinking??

Also, there seems to be a growing sentiment amongst consumers, to not pay back their debts. It's a 'I don't want to pay my credit card bill.. what will they do?' scenario going on right now. I don't care about a recession.. sometimes you need a recession to correct a 'bubble'. House prices need to come back to pre-2000 levels, etc.

Right now we have all the factors that can really threaten a global collapse - in place. I think the events started last July..forget housing, wait till credit card debts become the daily news. It's a little scary. And I don't even want to talk about oil lol.

[Street Addict]

I went to a show to check out a program. The one I seen was wizetrade. I went home googled it and the first site i seen under the homepage was informericalscams.com. So, that scared me away from them. The only thing I liked about them was the commmand trade.

I like to play news event the only thing I'm using is the widgets charts and paper trading like that.

[OceanView]

I went to a show to check out a program. The one I seen was wizetrade. I went home googled it and the first site i seen under the homepage was informericalscams.com. So, that scared me away from them. The only thing I liked about them was the commmand trade.

I like to play news event the only thing I'm using is the widgets charts and paper trading like that.

If you read the entire thread, you will know what to do. :D

[Music_Producer]

Beyond beautiful trades today.. US retail sales came out terrible.. PPI also came out negative.. and empire manufacturing was down! Triple shocker - I traded GBP/JPY since it is so sensitive to US reports these days. 60 + pips with big lots :D

I'm looking for a DOW collapse today ..unless by some miracle traders prop it up. Hell, maybe AAPL will make the DOW go up.. oh, and I can't sleep anyway.. have to wait for the macworld!!!

[sjshaw]

Well, I wanted to contribute to the thread, so I created a PDF of the entire thread up to today's posts. Download the ZIP of the big-ass PDF here:

Download link for the single 7.5 MB PDF file (ZIP) (http://www.mediafire.com/?26z5emrctgt)

If you don't want a 7.5 MB PDF, I zipped up each "printable page" of the thread. There are 54 PDF files in this ZIP. Download it here:

Download link for the zipped-up 54 PDF files (ZIP) (http://www.mediafire.com/?dgwql1jaa0d)

[Street Addict]

I've been playing around with oanda its a good. GREAT with trading news events but no trailing stop. Does anyone program have a trailing stop? I was using premier trader my buddy spent 3k on it and gave it to me after he lost a bet. It worked good some time then some times I couldn't get a feed. I guess I could just modify my stop lose but I'm so damn lazy.

[taylorwilsdon]

I made $25,000 profit last night on the oanada game (realized P&L $45,000 total) off my original $100,000 free money. I'd love to do this for real because it appears I've got an eye for it. Anybody have some not-so-secret places for news wire looks? Also, a little "for dummies" type of thing would be awesome for picking up the terminology. I've actually got a friend who knows about alot of this stuff so I'm going to talk that out but I want to make me some $$$! :D

[Music_Producer]

Well, I wanted to contribute to the thread, so I created a PDF of the entire thread up to today's posts. Download the ZIP of the big-ass PDF here:

Download link for the single 7.5 MB PDF file (ZIP) (http://www.mediafire.com/?26z5emrctgt)

If you don't want a 7.5 MB PDF, I zipped up each "printable page" of the thread. There are 54 PDF files in this ZIP. Download it here:

Download link for the zipped-up 54 PDF files (ZIP) (http://www.mediafire.com/?dgwql1jaa0d)

That's great! Thanks .. appreciate the work :)

Street.. oanda doesn't have a trailing stop loss.. there are other forex brokers with platforms that do offer this feature.. I think FXCM does so. You can simply check out the brokers and see if they include this option.

Taylor.. if you have an eye for it.. try this. Open a real oanda account with $200.. and make it $400. Just try that. When you do that 3 or 4 times, *then* you'll have an eye for it. Not trying to discourage you.. but trading with real money is much different than trading with game money.

I've seen plenty of people who make thousands on demo accounts.. and then deposit anywhere from 2K to 5K and lose it all in a few days. If you think you can't let your emotions beat your strategies.. think again.

Like I said, try it out.. make $200 into $400. If you make it the first time, great.. make $200 more.. if you can't .. then stop. Let me know :)

For news feeds.. there are plenty of sites.. free ones, that is. They will be a bit slower than something like paid services obviously, but you can still trade with slow reports too.. especially on major reports.

[sjshaw]

That's great! Thanks .. appreciate the work :)

No problem. A suggestion: edit your first post to include those links, as many people may not want to wade through all these pages but might just try the PDF?

[Music_Producer]

78 pips on GBP/JPY trade.. UK retail sales numbers came out dismal. Again, UK reports remain my favourite to trade :D

[Britguy]

Well done MP. How do you click so fast after the report? Do you click before the spike or during the spike? Any thoughts where GY will go in the short term? I am currently short, I think we'll go to 207 again.

[~Shard~]

Back from my 2-week vacation in Cuba, just thought I'd pop in and say "hi". Looking forward to getting back into trading next week! :D :cool:

[Music_Producer]

Well done MP. How do you click so fast after the report? Do you click before the spike or during the spike? Any thoughts where GY will go in the short term? I am currently short, I think we'll go to 207 again.

Britguy.. I didn't click right away.. took me a little time to register.. but the drop was pretty big to get a good profit. Which is why I mentioned earlier that even if you use free news feeds which are slower.. if a report deviates by a huge amount.. you can still trade it and make good profits.

Btw.. I use two computers - my macbook pro and a macbook.. with platforms running on both. On one my finger is on the 'buy' and the other.. it's on 'sell'. I can click faster with that setup.. at first my head used to hurt lol.. I am pretty much used to it now.

GY long term - I see sub 200 for sure. If the Feds cut rates.. you might see GY bullish - but it will run out of steam (I think) I don't think the fear in the markets is going to subside anytime. This downtrend in the carry trades has been going on since July 2007.

Look for opportunities to sell on rallies.. that's what I would concentrate on.

Shard, wb! Cuba .. nice :) I'm leaving for Bombay in 2 weeks.. will be stopping in London for a day maybe. Not looking forward to the trip.. I absolutely hate flying :o

[~Shard~]

Shard, wb! Cuba .. nice :) I'm leaving for Bombay in 2 weeks.. will be stopping in London for a day maybe. Not looking forward to the trip.. I absolutely hate flying :o

I'm sure everything will work out just fine Music_Producer so try not to stress over things too much. ;) :)

I'll post a link to my Cuba pics when I get them sorted out and will expect to see your Bombay pics as well when you return. For now though, let's make some more money! :cool:

[Britguy]

Mp,

But areent the spreads pretty big when you react & the slippage. Do you use limit or mkt orders for this?

On GY, its a fact that the Fed is gonna cut and cut. But not sure it will make a lot of difference.

[Music_Producer]

Mp,

But areent the spreads pretty big when you react & the slippage. Do you use limit or mkt orders for this?

On GY, its a fact that the Fed is gonna cut and cut. But not sure it will make a lot of difference.

No, actually, no slippage. Spreads are a random thing - I have seen them remain low on big reports like interest rate decisions.. and sometimes on the smallest ones they get all whacked out - 40 - 60 pips or so. I guess it all depends on the liquidity in the markets.

For this one I didn't have a big spread.. I know it was well under 10 pips.. I am too busy trying to click or think .. but I do have the spreads in my mind as well. If before a report I see the spreads going crazy, I'll be more cautious. I use market orders all the time.. limit orders never get filled.

Remember when the GY fall started in July? There were some days when the spreads on GY were 60+ pips.. even when there were no reports! There was simply not enough liquidity in the markets at that time.

[Britguy]

Mp

Thanks for the info. You should record your screen when you place a trade. Its good to see the spreads etc at the time. I know the spreads on CAD pairs can be fierce at news time 25-40pips. How many lots did you get away with on the GBP retail?

[Music_Producer]

BritGuy, I traded 4 lots with the GU trade. Yes, I've seen spreads on USD/CAD go nuts before CAD reports.. but usually, CAD reports deviate big time (which is again, why the spreads go so wide I am guessing.. because traders expect a lot of volatility) and USD/CAD usually moves 100+ pips after reports.

Btw, check out GJ.. it went close to 204.50 today :D Sub-200 definitely seems a likely target. I'm also brave enough to quote 150 on GBP/JPY if things keep going the way they are. I see no quick-fix to this credit problem.

Again, I am selling GJ on rallies (usually GJ rallies at the end of a market session.. for e.g. during the Asian session it was crashing with the stock markets.. once it ends.. GJ usually rallies till the European markets open. If the EU markets crash.. GJ again resumes it's downward journey)

Lots of rumors going on that Feds are going to have an emergency rate cut today.. so I am not trading GJ today.. it's better to be safe and see if that rumor comes true or not. My opinion.. Feds are absolute a$$e$ if they do cut rates. :mad:

[Music_Producer]

Update - It seems that there are rumors that almost *all* the central banks are going to cut rates by today or tomorrow.. to ease the global equities collapse. This has resulted in a 300-400 pip jump in GJ and carry trades.

So now we know who's side these central banks are on.. :rolleyes: Bunch of retards

[Britguy]

They'll keep cutting and cutting. But i dont think it will be a V shaped recovery like they think. A bounce in stock markets/Carries should be shorted.

I thought you would have traded more than 4 lots on currenex, thats a small trade in the context of currenex.

[Music_Producer]

They'll keep cutting and cutting. But i dont think it will be a V shaped recovery like they think. A bounce in stock markets/Carries should be shorted.

I thought you would have traded more than 4 lots on currenex, thats a small trade in the context of currenex.

I agree.. I'm just waiting to see if these so called rate cut rumors come true today.. if they don't, look out for a drop in stock indices. Also, Bank of America and some other company are going to come out with their statements.. I'm expecting losses. Let's see..

4 lots (4 million units) is enough for me :p I push up the size when I'm trading interest rate decisions (but today traders are expecting up to a 50 bps cut in CAD.. so I'll be a little careful.. )

[Britguy]

Sorry i thought you were trading 4 standard lots. 400k. You must have a massive ac then? I have heard stories of big slippage on currenex with market orders, so would be quite scared to try it.

Apparently, according to rumours, it will be a co-ordinated central bank move at 7am ET. So if it doesnt materialise welcome to the downside.

[Music_Producer]

Sorry i thought you were trading 4 standard lots. 400k. You must have a massive ac then? I have heard stories of big slippage on currenex with market orders, so would be quite scared to try it.

Apparently, according to rumours, it will be a co-ordinated central bank move at 7am ET. So if it doesnt materialise welcome to the downside.

Ahh, I used to trade 400k when I was trading with CMC Markets, Oanda, etc. With cnx.. when I mention a 'lot' I usually mean 1 million units. Not really massive (I wish!) After all, I am using margin.

I have never had slippage on market orders at all. Yes, if I'm a bit slow.. then it might 'slip' 14 or 20 pips max.. but never an extreme amount.

Btw, the cut might also occur at 8 am EST - 8.15 am EST .. the last time they had a surprise cut (bank rate.. not regular rate) was at 8.15 am EST. So keep a look out..

[Britguy]

But still 4 lots at 79 pips on GJ is still nearly $30k. A great return for a few minutes work.

I think a rate-cut be it a surprise one or not is just haunting the markets. It will only have a temporary effect. As the markets were tanking last week when Bernanke spoke, he didnt cut then. The FOMC is next week. So he really loses credibility if he cuts today. As the market is saying they dont work. Just use the bounce to sell more. I pity those bargain-hunters who bought the lows on friday on the US stockmarkets. Be some big margin calls out there.

[Music_Producer]

But still 4 lots at 79 pips on GJ is still nearly $30k. A great return for a few minutes work.

I think a rate-cut be it a surprise one or not is just haunting the markets. It will only have a temporary effect. As the markets were tanking last week when Bernanke spoke, he didnt cut then. The FOMC is next week. So he really loses credibility if he cuts today. As the market is saying they dont work. Just use the bounce to sell more. I pity those bargain-hunters who bought the lows on friday on the US stockmarkets. Be some big margin calls out there.

It is a great return - and it's so hard to fight the temptation to bet my entire account on trades like those. $30 k in a few minutes? It could have been $180k in a few minutes. I started out making 10 cents profit on trades!

They're saying that he might cut 50bps today.. and 50 bps next week - instead of 100 bps next week (what difference it bloody makes.. i have no clue)

Yep, most funds are getting margin calls due to the global equity sell off today.. so they have been liquidating their metals assets (which is why gold is actually going lower) The long term trend for markets, and carry trades has been bearish since last year.

[Music_Producer]

FEDS CUT RATES - 75 BPS POINTS. GBP/JPY JUMPED 150+ PIPS.. Bagged 65.. took me by surprise!

This is it. $ is now doomed. The Federal Reserve is nothing but a slave of the banks and corps. :mad:

I would expect stock markets to rally today :rolleyes:

[~Shard~]

Wow, this is just crazy. Is the US Fed retarded? :confused:

Can I just short the entire United States of America and be done with it? :p :D

Seriously, Asian and European markets are hurting big time too. It's a good thing we can make money whether the markets go up or down - I can't imagine being an investor who only has long positions in stocks or something silly like that... they must be hurting with such a limited, restrictive portfolio... :(

Good luck trading everyone, but be careful out there... :cool:

[nhallmark]

oh man, I didn't even have a news feed...I just died laughing when EJ shot up 200 pips. I couldn't even trade, it was so funny...a 3 yr old could run the fed better :p

EJs retraced about 90% of the move. MP, with all the money you're making, maybe you'll do a little better than break even after adjusting for inflation :p ;)

[Britguy]

Fed are stupid.

Think i will short the VIX index soon. Cant believe it will get much higher. Massive volatility out there.

Dollar strengthens due to flight to quality. No way will i be buying the dollar though.

$180k wow. How many millions do you have?

[OceanView]

OMG, 75 basis points!.
I hope you guys made some money.
I was a sleep and too late to get in.

[Music_Producer]

Fed are stupid.

Think i will short the VIX index soon. Cant believe it will get much higher. Massive volatility out there.

Dollar strengthens due to flight to quality. No way will i be buying the dollar though.

$180k wow. How many millions do you have?

My millions are probably worth 500 of your brit pounds :D Be careful with the VIX.. anything can happen.

Lol nathan.. yeah.. I'm telling you.. anyone can do a better job than bernie. But remember.. when you're getting some fat cash bonuses from wall st and global banks.. hmm.. what would you do? ;)

Shard.. we should just rename you Short Shard.. hehe. Yeah, it's great that we can profit from swings on either side. I wonder how the mutual funds are going to do this year with all the action going on.

[~Shard~]

Shard.. we should just rename you Short Shard.. hehe. Yeah, it's great that we can profit from swings on either side. I wonder how the mutual funds are going to do this year with all the action going on.

Nice, I like it. ;) As for the mutual funds, I can't see them fairing too well -which is one of the many reasons I do not invest in mutual funds. A little fact may people don't know is that over 80% of all mutual funds underperforms the markets consistently year after year.

In other words, Short Shard says, "Mutual Funds are for suckers!" :p ;) :D

[~Shard~]

Music_Producer, I just started watching GBPJPY more seriously than I have in the past. I have always thought of it as simply too volatile to trade. However it does look possible to make some money off it, as you have clearly demonstrated. Just wondering what you look for in the pair, if you employ any different types of tactics with this pair and overall how you trade it - or if you simply news trade it like any other pair.

I will say (with extreme caution) that this pair does indeed have trading potential, at least as I see it. Am thinking of giving it a go in the near future, hence why I thought I'd bring it up... Your thoughts are appreciated...

[OceanView]

Shard, There are good strategies to trade in volitile markets.
Straddling may work but you have to set stops on each side.

MP, what's your strategy?

[Music_Producer]

Shard, Ocean.. I only trade GBP/JPY when it is news related (especially in this risk averse environment) GJ moves great during stock market crashes.. bank news .. home sales.. etc. Anything that is related to the overall economic health of the US/UK.. Japanese news don't matter at all.

I will never trade GJ based on technicals.. right now I am tempted to short on rallies.. it was a good thing that the rate cut rumors came out early yesterday.. imagine going short on GJ.. and then getting whacked when that rate cut happened? :eek:


Moves of 200-300 pips are normal on GJ.. so if you're going to set a stop loss at 50 pips, it's not going to work at all. When I trade GJ I trade very small lots.. it's more of a risky fun thing, rather than serious trading. Even the best traders get killed with GJ.

[Britguy]

I trade GY too. I have an emergency stop in place i use. But often a price will retace the next day & leave you in profit. GY is harder to trade as it has lost its correlation to the equity mkts to an extent now.

[Music_Producer]

Did you guys see the stock market rally today? Looks like government intervention as usual :rolleyes:

So basically, the government is going to make matters worse by spoon feeding these bond issuers.. and pacifying them. This could be interesting.. if the markets swallow all this, and the rate cuts next week.. this could be the end of the current downtrend in the markets (and carry trades)

If that does happen, then watch out for an even worse collapse later. I'll be waiting :D

[Britguy]

I agree MP, ridiculous.

I think some big bank or mortgage lender went cap in hand to the fed over the weekend, and this is why they cut so aggressively.

Its worth shorting rallies, but they can be quite vicious.

In a way it creates a false market, as the pile is stacked against bears, as they will keep injecting liquidity, cutting rates and taxes etc to reflate Wall Street.
I bet they would never hike rates if the market jumped 1000 points on the Dow.

[nhallmark]

Looks like government intervention as usual :rolleyes:

The infamous PPT? ;) ...it is weird how /JPY pairs have been acting since the rate cut.

I've never seen EJ that "determined" to move up like that...I'm always watching the ticks and it just "feels" different for the past 2 days...like someone really is pushing up the market. What's weird is it "feels" normal when it starts dropping again.

...maybe I'm just making stuff up :p :rolleyes:

[~Shard~]

Do the US Feds really think they can fix the fundamental problems with the economy with such band-aid approaches? What are they going to do, cut the interest rate to 0%?! :confused: Then what?? :rolleyes:

[nhallmark]

Do the US Feds really think they can fix the fundamental problems with the economy with such band-aid approaches? What are they going to do, cut the interest rate to 0%?! :confused: Then what?? :rolleyes:

That's what Japan did according to that article I linked to earlier...

http://www.mises.org/journals/scholar/oberholster.pdf

The thing is though, we(the US) don't have any real manufacturing/exports to fall back on...or at least not enough to rescue us :o

I don't get why they don't raise the minimum wage, or even repeat their retarded process...just give everyone a $50K credit card...consumer spending will return and they can all play the game a little longer :rolleyes: ...but I guess that's essentially what they're trying to do with the "stimulus package" :p

I hear the Muslim Dinars are the only gold(backed) currency left, so maybe I'll move to Malaysia :p

[~Shard~]

That's what Japan did according to that article I linked to earlier...

http://www.mises.org/journals/scholar/oberholster.pdf

I would find it extremely amusing if the USD interest rate dropped to a level where it became a carry trade currency. :p :D

The thing is though, we(the US) don't have any real manufacturing/exports to fall back on...or at least not enough to rescue us :o

Exactly. That's the big difference I've seen between the US and Canada as of late - we are such a large exporting nation and the US is such a large importing nation. It makes a big difference in situations and environments like this.

I hear the Muslim Dinars are the only gold(backed) currency left, so maybe I'll move to Malaysia :p

Maybe not for long. There is talk out there that the USD may not be the international reserve currency anymore if this keeps up....

[Music_Producer]

The thing is though, we(the US) don't have any real manufacturing/exports to fall back on...or at least not enough to rescue us

But.. but.. what about MySpace? And Facebook?? :p

If this is a rally, it could be a short term rally. Who knows? Right now, I'm on the sidelines until the markets take a clear direction.

Btw, remember the Chinese Yuan I was talking to you guys about? It keeps going up every single day. I calculated that if you sold USD/CNY a year ago (100,000 units) you would end up with $8700 something profit.. which is measly for an entire year.. but it's guaranteed profit.

Now here's the bloody catch - the interest. The interest payments you would have to make work out to $9500 something! So you'd be in a net loss. *Unless* you actually had a hold of the physical currency itself - real crisp Yuan notes.

So I checked online with various exchange offices.. being used to the wholesale rates on FX platforms.. I was a little taken aback to see a 1000 pip spread when trying to purchase physical currency i.e. at retail fx locations :eek: Spreads vary according to currencies.. but they're easily at 300-400 pips or so.

Now, if you could find someone on the black market (call Soros!) who could get you physical notes at wholesale rates.. hmmmmm. Take physical delivery of CNY (like, say, $10,000 worth) Hold it for a year or however long.. and you don't have to pay interest. It's also a good way to diversify your savings.

What do you guys think?

[Music_Producer]

I would find it extremely amusing if the USD interest rate dropped to a level where it became a carry trade currency. :p :D




Actually, that has begun. There are stories floating around that people are looking at the USD as a carry funding currency. Lol.

[~Shard~]

Actually, that has begun. There are stories floating around that people are looking at the USD as a carry funding currency. Lol.

Haha, that's hilarious, especially since I was only joking! :D Makes sense though...

I see GBPJPY shot up again - that thing is crazy, I gotta get me some of that action... :p ;) :D

[nhallmark]

But.. but.. what about MySpace? And Facebook?? :p

You're right. And as long as people keep clicking Google ads, the bloggers can keep buying Apple products. It's a whole ecosystem, dude! :p :rolleyes:

About the Yuan, I would say go for it. I don't know if Everbank has Yaun, but I think their spread is 50 pips and 1% of the transaction for physical delivery of notes. I know you can also get notes from Oanda LOL. Other than that, maybe drive down to Koreatown in LA and ask the guy taking a cigarette break in the back of China Queen :p ;)

Yaun would be good to hold, IMO...China really seems to be kicking a$$ at the moment, as I'm sure you know.

[Music_Producer]

I just opened an everbank account 2 days ago ;) I'll check out their rates and spreads.. I sure want to buy some Yuan. Btw bro.. don't you ever sleep? :p

[nhallmark]

Btw bro.. don't you ever sleep? :p

I sleep when the sun goes down until midnight...I'm involuntarily back in Texas for a month(family, etc.) so the time zone is different also LOL.

[~Shard~]

So I checked online with various exchange offices.. being used to the wholesale rates on FX platforms.. I was a little taken aback to see a 1000 pip spread when trying to purchase physical currency i.e. at retail fx locations :eek: Spreads vary according to currencies.. but they're easily at 300-400 pips or so.

Now, if you could find someone on the black market (call Soros!) who could get you physical notes at wholesale rates.. hmmmmm. Take physical delivery of CNY (like, say, $10,000 worth) Hold it for a year or however long.. and you don't have to pay interest. It's also a good way to diversify your savings.

What do you guys think?

I like it (especially because it has a sense of bastardliness to it! :D) but I'm not sure how easy it would be to execute. Let us know what else your research uncovers... :cool:

[Gryffindor75]

Hi Everyone,

Just want to thank you all for sharing your experiences and insight on this forum. This is quite a thread! I would have never expected to find a Forex resource on MacRumors, but I should have known better;)

[~Shard~]

Hi Everyone,

Just want to thank you all for sharing your experiences and insight on this forum. This is quite a thread! I would have never expected to find a Forex resource on MacRumors, but I should have known better;)

Glad you have found it useful. If you have any questions, just ask, and if you would like to share your own trading experiences and knowledge that would be most appreciated as well. :)

[Britguy]

Mp,

Did you get any joy on CAD CPI figs?

[Gryffindor75]

Glad you have found it useful. If you have any questions, just ask, and if you would like to share your own trading experiences and knowledge that would be most appreciated as well. :)


Thanks Shard! I definitely will in both cases. :D

Right now I'm working with my Oanda Game Account, watching and seeing how different news and other factors affect things and absorbing and using all the resources and information you all have posted here.

If there's one theme I could grasp from the many pages of this thread (no I haven't read every single one yet, but I have read a considerable portion),
it would be "Practice makes Profits or Practice makes Pips"

[~Shard~]

If there's one theme I could grasp from the many pages of this thread (no I haven't read every single one yet, but I have read a considerable portion), it would be "Practice makes Profits or Practice makes Pips"

Yep - just like anything else in life, there is no substitute for experience. :cool:

[Music_Producer]

Ok, so interest rate decision tomorrow morning. Markets have priced in a 50bps cut.. so be careful with your trades. I personally won't trade if the cut is 50 bps.. some traders are even expecting 75 bps.

If it's a 100 bps cut.. I'll go long on GBP/USD, GBP/JPY for sure (all carries will rally) If it's no cut.. then I'll short carries and GU (EU won't move that much.. in recent days GU has been moving up)

50 bps cut.. and the markets might range.. I'll stay out. Then everyone will focus on what the Feds are going to do next.. or the carries will pick up direction from the stock markets.

Britguy, I didn't trade that CAD report.. I got 40+ pip spreads.. so I left it alone. How did that go? I heard it was a bad number.. not too sure. I was trading GBP/JPY.

I traded the durable goods orders this morning.. got about 16 pips, number came out quite positive. I traded USD/JPY on that one.

Good luck tomorrow!

[~Shard~]

Thanks for the thoughts Music_Producer - I'll definitely be watching the US announcement closely tomorrow. Good trading everyone! :cool:

[Britguy]

50bps - no trade
75bps+ - buy GY
25bps - sell GY

I think they'll cut 50bps. Goldman called for 50bps, and they usually do what they suggest.

[~Shard~]

Made 19 pips on the US announcements this morning (ADP + GDP). Will be watching the Fed announcement intently over lunch...

[Britguy]

Shard,

Which broker are you with? I got nothing but requotes.

[~Shard~]

Shard,

Which broker are you with? I got nothing but requotes.

I still use CMC Markets. They dick me around sometimes, and if I were a serious full-time day trader I'd move to an ECN like Currenex, but for my purposes they still work fine most of the time. In fact, some of their tactics backfire sometimes. For instance, they no longer allow news trading in terms of trading the spike - they hold their orders and their pairs will not react until a good 15-20 seconds after an announcement sometimes. This worked out perfect this morning, as TTN reported a lower than expected US GDP # so I went long on EURUSD and got in before it moved. It gave me enough time to open up my closing order as well so I was all ready to hit SELL once it moved. It doesn't always work this way and I'll get the odd requote, but for the most part I don't have problems.

CMC has fixed spreads as well which helps for news trading.

But yeah, requotes suck. You definitely need a quick reaction time and trigger finger!

[Britguy]

I used to use CMC too, but about last june they stopped filling me on the spike. I find with retail brokers, as soon as you make £5k+ they limit you. Thats why currenex is the way to go, if you get widespreads, you can benefit from getting filled on big movers. But i havent got the 40k+ needed yet.

[~Shard~]

Interesting, I haven't experienced that yet and my account has grown substantially over the last year. I do get requotes from time to time, but nothing too annoying or prohibiting when it comes to my trading. They definitely still like messing around with their latency during heavy trading though, bastards.... :p ;)

I was thinking of opening a Currenex account but am not trading often enough nor seriously enough to take the step yet. If it was my day job and if I was trading every day, then sure, but right now CMC is adequate for my needs.

[~Shard~]

By the way, what is everyone’s opinion on FXCM? I never really did any due diligence on them when I was researching platforms and the like back in the day so I am curious how reputable they are...

The reason I ask is that they now have managed Forex accounts (http://www.fxcm.com/managed-accounts/managed-accounts-terms.jsp) which one of my friends is interested in investing with. Very decent returns from the looks of it, at least compared to mutual funds! Also quite decent for someone who isn’t into hands-on trading themselves and such, as is the case with him...

Anyway, he was asking for my opinion on it and I thought I’d see if anyone else has anything good or bad to say about them. Any red flags I should know about, or just indifference?

[Britguy]

Shard,

with Cmc do you ever get filled on a spike, or is it 30 secs later or so?

Does anyone believe this post-FED rally. I think its a short.

[~Shard~]

with Cmc do you ever get filled on a spike, or is it 30 secs later or so?

30 seconds?! No, it's never that late for me. If my order doesn't get executed immediately I usually just cancel it. If the market moves too fast I'll get the odd requote but that happens pretty quickly.

Does anyone believe this post-FED rally. I think its a short.

Do I believe that the US economy is magically fixed due to the rate cuts? God, no. :cool:

[Music_Producer]

Shard,

with Cmc do you ever get filled on a spike, or is it 30 secs later or so?

Does anyone believe this post-FED rally. I think its a short.

Yep.. this is a short - the - rally market. That's what I've been doing since the last few weeks. Just made 147 pips on GBP/JPY :D Could have made more though.. it's still dropping.

This is exactly what happened during the last cut as well.. GJ went up 300 or so pips (because the rate cut was huge) .. and then completely collapsed.. so did the markets.

Funny thing is all the USD pairs are lower today. Same thing as last time.. they all went low.. and then once they started their upward trend.. they continued for a couple of weeks. It seems as though traders are pushing the USD pairs down, so that they can get good rates.. and position themselves accordingly for the rally ahead.

[Music_Producer]

Made 46 pips on the US reports - there were so many reports that I got in about 15-20 seconds after the initial spike.. traded GBP/JPY since it's pretty volatile today (especially after the MBIA announcement that they have a 2.35 billion $ loss)

I've been shorting GBP/JPY everytime it rallies. Of course, I also look at the economic reports/news.. to see what the market sentiment is. I've been waiting for the USD Pairs to rally, but they haven't begun to do so. I was long GBP/USD and got out with 14 pips after waiting for an entire day. It gave up at 1.9920.. was expecting it to go to at least 1.9950. It has potential to go to 2.000.

I feel sorry for all the noobs on forexfactory.com who go long every time GJ drops.. it's amusing and sad at the same time, because I'm sure they blow up their accounts pretty soon. I think even a child can understand that GJ is in a downtrend.. for more than a couple of months now.

[~Shard~]

Nice job Music_Producer! I'm seriously going to have to look at trading that pair instead of my usuals... it might be time to change things up a little...

Regarding my post above, have you had any experience or heard anything about FXCM? As I mentioned above re: their managed funds, any feedback would be appreciated.

[Music_Producer]

Nice job Music_Producer! I'm seriously going to have to look at trading that pair instead of my usuals... it might be time to change things up a little...

Regarding my post above, have you had any experience or heard anything about FXCM? As I mentioned above re: their managed funds, any feedback would be appreciated.

It's the best pair to trade when it comes to reports affecting market sentiment, as I mentioned earlier. Just keep in mind that it's still in a downtrend, this pair can move 300-400 pips either way. The worst part about shorting GBP/JPY is the swap. I so want to short GBP/JPY.. and get out at sub-200 levels.. but I don't know how long that might take, and I don't like paying interest daily.

I had a fxcm mini account a long time ago, it was the usual - freezing.. slippage, etc. Don't know how they are now.. no clue about the managed funds either. I'll ask around if any of my trading friends have used their services and let you know.

[~Shard~]

It's the best pair to trade when it comes to reports affecting market sentiment, as I mentioned earlier. Just keep in mind that it's still in a downtrend, this pair can move 300-400 pips either way. The worst part about shorting GBP/JPY is the swap. I so want to short GBP/JPY.. and get out at sub-200 levels.. but I don't know how long that might take, and I don't like paying interest daily.

I had a fxcm mini account a long time ago, it was the usual - freezing.. slippage, etc. Don't know how they are now.. no clue about the managed funds either. I'll ask around if any of my trading friends have used their services and let you know.


Thanks for the feedback Music_Producer, always appreciated! :) :cool:

[nhallmark]

Thanks for the feedback Music_Producer, always appreciated! :) :cool:

FWIW, I've never used FXCM or dealt with them at all, but, from everything I've read, I have yet to hear a good review about them as a broker...not sure about the managed accounts.

[~Shard~]

FWIW, I've never used FXCM or dealt with them at all, but, from everything I've read, I have yet to hear a good review about them as a broker...not sure about the managed accounts.

Good to know, thanks - I'll definitely take that into account.

[Britguy]

What a stinker. -17k jobs. I didnt get filled on the spike, but shorted the AUD/JPY at 95.72 for 40pips. Looking to sell bounces.

[Music_Producer]

Lol @ -17k. Where all the stupid optimists now (that I see in the political forums thread.. saying that more jobs have been created) Sweet 117 pips on GBP/JPY. Looking to sell rallies.. but I'll be careful since today is a Friday and profit taking might take place (although that should be later on)

[~Shard~]

Holy crap! Once again, as I've said over and over, the US is hurting and anyone who thinks the recession is over, blah blah blah, it hasn't even begun.

Made 48 pips cumulative on the EURUSD (initial trade plus retrace) - great trade! But man, I was watching the GBPJPY for the first time during a news announcement - wow. :eek: It's pretty much down 200 pips. If I would have known I would have shorted it, but now I feel it might be too late to get in on the action and there will most likely be a retrace of some sort...

[Britguy]

Mp, What were the spreads on GY when you clicked in? What time did you trade 08:30.00 or a few secs afterwards. I shorted at 210.2 on bounce. Why are stock mkts up so much, i know msft bought yahoo, but still...

[Music_Producer]

Holy crap! Once again, as I've said over and over, the US is hurting and anyone who thinks the recession is over, blah blah blah, it hasn't even begun.

Made 48 pips cumulative on the EURUSD (initial trade plus retrace) - great trade! But man, I was watching the GBPJPY for the first time during a news announcement - wow. :eek: It's pretty much down 200 pips. If I would have known I would have shorted it, but now I feel it might be too late to get in on the action and there will most likely be a retrace of some sort...

Get in man! I've made 210 pips so far.. just shorting every time it goes up (to 210.20) I'm done now.. phew.. that was the best. Same as last time.. when report came out 18k and GJ plunged 150+ pips. I love GJ during NFP :D

Edit - Wow I never noticed how badly GU got dragged. It has been on a downtrend since the last hour or so.. lot of banks selling the pound. Wonder what the hell's going on? Maybe just taking positions before they shoot it up towards 2.00? Who knows..no wonder GJ's getting really beat - both by GU and UJ

[Music_Producer]

Mp, What were the spreads on GY when you clicked in? What time did you trade 08:30.00 or a few secs afterwards. I shorted at 210.2 on bounce. Why are stock mkts up so much, i know msft bought yahoo, but still...

GY was 15-18 pips.. at one time it went to 25 but was for a split second.

Markets.. don't you know? They all smoke weed and trade. Basically bad jobs = more chances of rate cuts. So the markets dance. Don't ask me how these guys get paid so much, when their collective common sense is like horse manure.

Edit - wait.. I just realized.. microsoft bought Yahoo? WTF?? What a dumb investment. For $44 billion $?!!

[Britguy]

Great to see everyone making profits today. Did you bang out a $4m lot MP?

[Music_Producer]

Great to see everyone making profits today. Did you bang out a $4m lot MP?

No.. it was 1m lot.. I'm still conservative when it comes to GJ. It just moves all over the place.. but I think I have the hang of 'it' now.

I will never trade GJ during normal times .. and I will never rely on a chart to tell me where it's going to go next.

[Music_Producer]

You crazy brits..

"London, February 1. Cable has tumbled by a cent-and-a-quarter to a four-day low of 1.9764 having initially rallied on the back of January"s woeful US Non-Farm Payroll number. There is some head scratching about GBP price action--and speculation that an earlier GBP fix order allegedly done the wrong way might still be being unwound (the pound was reportedly bought when it needed to be sold).

A rumour of a possible BoE announcement about either Northern Rock, Rachel Lomax or Paul Tucker has also been flagged as a factor in the GBP weakness. Lomax is BoE Deputy Governor responsible for monetary policy. Tucker is BoE Executive Director, Markets."

[Britguy]

GBp/Jpy is the only thing i trade now. My system is sit-on-my-hands if i feel like i am forcing a trade, and take opportunities when they are in my favour. This develops into a 6th sense now of when to trade & when not to.

[~Shard~]

Edit - wait.. I just realized.. microsoft bought Yahoo? WTF?? What a dumb investment. For $44 billion $?!!

Yup - $44.6B for Yahoo. It's an unsolicited offer, so no deal has been signed yet, but if it goes through it will be the largest tech deal in history. I guess Microsoft wants to try to better compete with Google and this is how they see it being possible?... :confused:

I've been watching GBPJPY for the last 10 minutes or so but it looks like it has (relatively) stabilized (for now) and may even rebound a bit, so I don't feel comfortable trading it...

[Music_Producer]

UK interest rate trade was a good one.. here's how I traded:

Markets had already priced in a 25bps cut.. so when the BoE announced the same, GU actually went up. I waited for the accompanying statement.. BoE basically claimed that the economy is not looking too good, credit squeeze, consumer spending is decreasing, etc. So I shorted GU.. soon as I short, they come out with a "Inflation risk is high short-term"

GU went up 10-15 pips.. but eventually it slid down. I got out at 1.9506 for about 32 pips. Soon as I get out, darn thing falls down 40 pips more :mad:

Seems like everyone is following the US regarding the cuts - it's rate cuts on a global scale!

[~Shard~]

Good work Music_Producer. I'l be watching the ECB announcement in a few minutes very closely for that very reason - man, if there was a surprise rate cut... :eek:

;) :D

Regardless, I'm thinking there will probably be some sort of movement -hopefully I'll be able to grab a piece of it... :cool:

[Britguy]

I was watching the BOE annoucement GU spreads were 16, GJ were 40 on Currenex. Quite scary.

Eur will crash soon when Trichet starts cutting rates. Unavoidable really.

[Britguy]

Anyone get filled on CAD employment?

[~Shard~]

Anyone get filled on CAD employment?

CMC filled my order, but once again I seemed to get in before the spike - well, before CMC's spike at least. ;) They seem to fix the price at times so that no one can trade the news spike, then their quotes react afterwards (sometimes up to 30 seconds after the news I've seen! :eek: ) however if you're using a good service such as TTN and you react to the report quick enough, you can sometimes screw them over I am finding as of late. ;) :D

Anyway, only made 21 pips, could have made way more obviously, but I was quite happy with that nonetheless - can't get too greedy!

A successful week overall for me, let's hope next week brings more of the same.... :cool:

Have a great weekend everybody! :)

[Britguy]

Good result shard. Are you using the forex platform or spreadbetting one? So did they fill you when you clicked, or did you accept a requote?

[~Shard~]

Good result shard. Are you using the forex platform or spreadbetting one? So did they fill you when you clicked, or did you accept a requote?

I have had many requotes in similar situations, but this time I got lucky and it actually just filled for me. It was odd too, as it didn't fill instantly, then the price moved, and I assumed I had missed out, but miraculously CMC failed in screwing me over. :p ;) :D

Forex platform or spreadbetting? Not sure what you mean, sorry... :confused:

[Britguy]

Anyone get any good trades on UK CPI

[Britguy]

A great trade on UK retail. Made 60pips, but held half my position and got another 50pips, all on GY. I think we'll sell off here though.

[Britguy]

very quiet on this board. Loads of profits on GY over the last few days. I found a good resource on the net. http://blogspot.forexlivepro.com

They trade only GY, but with good accuracy, and combine with news trades too.

Anyway, next week should be big: interest rates, nfp, CAD, Oz releases. Massive.

[~Shard~]

Been too busy to trade the last couple of weeks. :( Hoping to get back into it next week and take advantage of some of the more major announcements.

Happy trading everyone....

[Music_Producer]

Hey everyone, hope you all have been trading. BritGuy, you're the new GY king (and btw, heathrow is such a mess!) :-) I'm back from my trip.. couldn't trade at all in Bombay, was on dial-up.. but I had a short position on GY open.. so closed that today at a good profit (very small lot though) It was a short from 212.45 :) I am still looking for GJ to hit 175-ish levels if market conditions remain the same.

Today's Aussie trade was as expected - interest rates were hiked.. so I shorted Aussie $.. got out with 60 pips. However, I am trying a new strategy and I am currently short on aussie $ (small lot - just for experimental purposes) I am targeting 0.9220.

Let's see if this works.

[Britguy]

Hi MP,

Yes trading GJ is going very well. I think 190 on GJ will come soon. Heathrow is a metropolis of an airport.

Any thoughts on UK rates this week?

CAD rates today, a big cut (50bps) will cause a £ sell off i think. Lets see if i'm right.

[Britguy]

Looks like i was right 204 on GY now.

[Music_Producer]

Looks like i was right 204 on GY now.

GY will continue to fall.. I was going to post earlier today that it will be a bear market for stocks and GY, because of a couple of bad announcements (from Intel, Citigroup, etc) BoC decision added to the overall sentiment as well.

My aussie profit was booked for more than 120 pips. Small lot, will continue testing this strategy and see if it really works.

[Britguy]

Strange bounce during the end of session. Still more comfortable shorting.

[Music_Producer]

Strange bounce during the end of session. Still more comfortable shorting.

Stocks are up.. news of bond insurers to the rescue, good news from cisco, etc.. apparently lifted stocks up. So watch out.. Asian session *might* turn positive.. if that's the case.. you might see GY going higher.

[~Shard~]

Looks like you guys are doing good on the GY! So should I just open up a short position on GY myself and check back on it in a couple months? :eek: ;) :D

[Britguy]

yes go for it. let the trend be your friend.

[Music_Producer]

Looks like you guys are doing good on the GY! So should I just open up a short position on GY myself and check back on it in a couple months? :eek: ;) :D

If you have the money to pay for the interest.. go for it :p You should try shorting rallies.. right now I'm short after GJ shot up during the US session.

Interesting day, I had a good profit on GU after UK services PMI, and then shorted UJ when the ADP came out. Went long on UJ after ISM.. odd thing is, GU and EU really, really shot up after ISM came out.. which completely puzzled me. :confused:

I still can't figure out what the bloody hell happened with those pairs. Only thing I can think of is.. well, a delayed ADP reaction perhaps? Maybe traders are aligning their positions for a really bad NFP number.. so they're going long on all USD Pairs?

Whatever it is, I'm glad I didn't trade GU or EU during US announcements. I'm sticking with UJ for US reports :eek:

[~Shard~]

Yeah, it sure has been interesting times lately - too bad I haven't been able to trade much. Ah well, things have been busy! Hopefully I'll be able to spend more time on the markets again soon...

[Music_Producer]

Yeah, it sure has been interesting times lately - too bad I haven't been able to trade much. Ah well, things have been busy! Hopefully I'll be able to spend more time on the markets again soon...

How's your apartment project coming along? Have you started renting them out yet? :)

I just closed my GJ short for 73 pips. I reckon it will fall further.. but there's the UK rate decision coming up.. so I usually stay out during those times.

[~Shard~]

How's your apartment project coming along? Have you started renting them out yet? :)

Which project? Can't remember what my latest update was to you. :o ;)

We had a 6-suite unit which we have since sold off for a nice profit. As of December we purchased 2 condos in another building which is currently an apartment complex but the condo approval is going through for it next month. We were able to lock in December prices on the units as they were then for only a small deposit on each. Through sheer market appreciation we've seen a 15% lift on them already and they haven't even condo-ed yet! Plus the building owner is completing a massive overhaul and refresh of the entire building which will raise values as well.

We plan on flipping one of them in the month or so and then kicking the tenant out of the other one, ;) throwing in $5-10k in renos and selling it for even more. In this market for every dollar you put in you get about 2-3 dollars out.

We are also currently evaluating an opportunity in Scottsdale, Arizona where we might be able to buy into some town homes currently under construction in an affluent neighborhood. Our long time friend and real estate guru here (he's the top agent in the whole city hands down and the one who got us in on these other opportunities) is planning on retiring to Arizona in a few years so he is down there all the time and knows the market very well. I'm meeting with him for coffee tomorrow to discuss things further.

Oh, and I still own land in Alberta and Ontario as well. :D

So yeah, now you're up to date. :)

[Music_Producer]

Made a killing today on the NFP. Keep going long on GU every time it dips (GU was very bullish since the start anyway) Made tons of pips.. still am.. also shorting UJ every time it bounces. However, there are rumors of a Fed emergency cut, so stay away from carries until that issue clears up.

Right now GU seems to be the pair to trade.. there are option barriers at 2.0200.. and 2.0250 so it might go through a bit of resistance.

Honestly, I was expecting GU to go down today after the really bullish run it has had, but NFP seems to have really cast a doubt on USD buyers.

Shard.. no wonder you don't have any time to trade.. what with you being a real estate mogul :D

[Music_Producer]

Why in the world does the US keep losing jobs.. but the unemployment rate keeps going down? :confused:

[~Shard~]

Made a killing today on the NFP. Keep going long on GU every time it dips (GU was very bullish since the start anyway) Made tons of pips.. still am.. also shorting UJ every time it bounces. However, there are rumors of a Fed emergency cut, so stay away from carries until that issue clears up.

Right now GU seems to be the pair to trade.. there are option barriers at 2.0200.. and 2.0250 so it might go through a bit of resistance.

Honestly, I was expecting GU to go down today after the really bullish run it has had, but NFP seems to have really cast a doubt on USD buyers.

Shard.. no wonder you don't have any time to trade.. what with you being a real estate mogul :D

Great job Music_Producer, when do you plan on retiring? :p ;) :D

Yeah, real estate seems to be doing well for me right now so you gotta go with what works. Our market is booming here right now, but I only see it lasting another year or so, so timing is everything. Thing is, there's always a bull market somewhere, you just need to move on and find it. ;) :cool:

I like real estate too because, in a way, it's like forex trading in that you are technically making investments worth hundreds of thousands of dollars and can thus realize corresponding gains. Now with forex obviously you're highly leveraged which can be dangerous, but nonetheless the result can be the same.

I guess all I'm getting at is that when it comes to the stock market, I would never buy $300,000 of one stock - that would be silly. However a $300k forex trade or a $300k real estate investment is, well, more normal due to the nature of those respective markets. And, consequently, if I make 15% on an investment, well, would I rather make 15% on a $5000 stock pick ($750) or 15% on a $300k investment ($45k)? ;)

So yeah, things are working out well, but I still love forex trading and have to make the time to become more active in it again as I was before. :)

[sjshaw]

Shard...

time to short the indices after this rally, don't you think?

Seems like you could make some money on the inevitable fall later this week and after the interest rate cut next week.

[~Shard~]

Shard...

time to short the indices after this rally, don't you think?

Seems like you could make some money on the inevitable fall later this week and after the interest rate cut next week.

You read my mind - I'll be looking at shorting the Dow and possibly the Nasdaq tomorrow for starters. There may be another day or two of positivity tomorrow from the Fed news today, but long term I see this as a band-aid fix and nothing more. All the problems with the US economy have not magically gone away because of today. As with all trading it's just a matter of timing.

Regarding the interest rate cut though, that's debatable. It depends what's priced in, what isn't, and if consensus changes or ends up being accurate in terms of how many basis points will indeed be cut. In general though, on their own, interest rate cuts are usually good for the markets, as bonds become less desirable due to lower resulting yields. If the US wasn't in the situation it is in, I would argue that an interest rate cut would boost the stock market. Based on the above factors/questions though, it's anyone's guess.

All that being said, yes, I will definitely be looking at some shorting opportunities tomorrow. :cool:

[sjshaw]

You read my mind - I'll be looking at shorting the Dow and possibly the Nasdaq tomorrow for starters. There may be another day or two of positivity tomorrow from the Fed news today, but long term I see this as a band-aid fix and nothing more. All the problems with the US economy have not magically gone away because of today. As with all trading it's just a matter of timing.

Regarding the interest rate cut though, that's debatable. It depends what's priced in, what isn't, and if consensus changes or ends up being accurate in terms of how many basis points will indeed be cut. In general though, on their own, interest rate cuts are usually good for the markets, as bonds become less desirable due to lower resulting yields. If the US wasn't in the situation it is in, I would argue that an interest rate cut would boost the stock market. Based on the above factors/questions though, it's anyone's guess.

All that being said, yes, I will definitely be looking at some shorting opportunities tomorrow. :cool:

How will you be doing this? Index options?

[~Shard~]

How will you be doing this? Index options?

I can trade virtually any international exchange via my CMC Markets platform. It's no different than buying/selling an individual stock, just instead of shares, it's contracts. Same goes with commodities. For instance, sell 100 contracts of the DJIA30 and for every point the Dow drops, I make $100. :cool:

[sjshaw]

I can trade virtually any international exchange via my CMC Markets platform. It's no different than buying/selling an individual stock, just instead of shares, it's contracts. Same goes with commodities. For instance, sell 100 contracts of the DJIA30 and for every point the Dow drops, I make $100. :cool:

Damn... I haven't funded my ThinkorSwim account yet. I only have my Fidelity account set up for stocks and options.

[sjshaw]

Man, I see the market absolutely tanking Thursday.

[Britguy]

Doesnt look like it so far.

But just sell any bounce.

[~Shard~]

Doesnt look like it so far.

But just sell any bounce.

That's the key. Made a tiny profit doing this yesterday, but didn't feel comfortable holding a larger and/or longer position...

The strategy on the other side of the coin is to look for fundamentally good stocks which are not directly impacted by the current negative economic conditions. They will be sold off as well either due to panic selling or due to margin calls, and many are good buys as a result. I employed this strategy with some local ag stocks recently when the TSX tanked and profited quite nicely. Plus, they're good long term holds... :cool:

[iSamurai]

buy South African Rands now... it's weak, let it sit there until the World Cup in 2010 then sell it to Euros. (although euro by then would be more expensive - also another choice, but not for greenback holders now...)

the problem is that it will have to wait for 2 years; as there's power supply problems in South Africa and so mines (gold, platinum, coal, manganese etc.) aren't producing at max capacity. They're currently building more power stations.

another one, not forex... I've been watching the markets on CNN these few days, and i must point out that if you bought on the 10th and sold on the 12 March you've earned 122pts on Dow. Today (13th) it dropped (checked few hours ago) 90pts.

[Britguy]

Yes there are loads of ways to make money. Shorting financials, long commods, shorting indexes etc.

Just wait for a good price.

[Music_Producer]

iSamurai, the problem with long term investments is that you can never be sure what is really going to happen. The waiting period doesn't help either. Why wait for 2 years to make.. say 1000 pips.. when you could do the same in 6 months on shorter trades?

Just like everyone is going long on EU and GU.. but you never know when some sort of intervention can take place to restrict the fall of the US dollar, and the dollar could come surging back up. Of course, this is just theory.. but it has happened a couple of times.

This morning (2 hours before the US CPI report) I shorted USD/JPY for some reason, thinking inflation report would come out really high. I knew there was some risk that carry trades could rise because UJ is at the 100 level.. and there is a big risk of intervention.

So that inflation report actually came out much lower than expected.. which sent my trade in the red. UJ went up to 100.80 or so and kept rising. I set a stop loss for 101.50 and a target profit for 99.20, and went to sleep.

Guess what happened? Bear Sterns chaos .. :p.. markets crashed.. UJ dropped all the way to 99. When I woke up I had a pleasant surprise. This was a lucky trade.. if the bear sterns report hadn't come out.. UJ could have easily hit my stop loss.

Like BritGuy said, wait for a good price.. and sell rallies. I jumped in a little too soon. Now look out for any reports concerning UBS or CitiBank. If Citi is indeed in major trouble (although they're too big to be in much trouble) .. you'll see some massive annihilation of carries and stocks.

[nhallmark]

Did you guys hear about this today?

CitiFX Pro...it was done with Saxo Bank(lol)...

http://money.cnn.com/news/newsfeeds/articles/djf500/200803250815DOWJONESDJONLINE000243_FORTUNE5.htm

Here's the platform...

http://www.citifxpro.com/default.html

It looks like retail and judging by the "tour", the spreads suck. Anyway, just wondering if you guys had heard about it..

[Britguy]

What are you guys thoughts on the current rally we are seeing? Sustainable or just a bear rally?

Are you making good money in these mkts?

I went short today A/U as i think there will be more dollar strength and Commodity weakness.

Britguy

[nhallmark]

What are you guys thoughts on the current rally we are seeing? Sustainable or just a bear rally?

Personally, I don't think we can tell yet. The data seems to be getting worse, but we all know how "logical" the markets are these days :p

From my TA on E/J, it looks like we will probably get back to 164.00 and if we break it - up, but if it bounces, I think it will range for awhile(1-2months) before making its way back down and eventually crashing.

Just my opinion, which is probably BS ;)


Are you making good money in these mkts?

I've been doing pretty well...15-30% average per week(since Feb 24th), just trading technicals and not staying in for more than 30 minutes :rolleyes:


I went short today A/U as i think there will be more dollar strength and Commodity weakness.

Britguy

Hope it works out :D