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Anyone here into FOREX?
- Thread starter Music_Producer
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Good job man!! I couldnt get filled on the spike but after it paused, I got in at 1.0405 and out at 1.0375....30 pips
Yehhh.. that's what we're talking about
There's talks of it going to 1.0325 but I'm not getting in now.. lol. Btw, check gbp/usd out - it hit 2.0650 again, and then dropped 25 pips. I'll be ready to short at 2.0700 if it does hit that level.Thanks for the response. If you have time, would you please elaborate on your current trading strategies as opposed to your news spike strategies? From reading the recent posts, it appears that you are playing the retracement game, but you imply there is more than that. Obviously, you were relying on fundamentals before. How is your current reliance on them and your resulting strategy different? You're talking about support and resistance points, but that is a technical approach.
Also, any broker recommendations for a beginner, since CMC is clearly out?
Hey Britguy, I just woke up.. I'm not getting into the carry trades yet.. I think the jpy pairs should still fall. You never know when a sell off starts but it looks like it's happening right now. I'm scouring the news right now, to look for any information - nothing so far - looks like just broad based banks selling.
Edit : - I am waiting for aud/jpy to hit 105.. let's see if it does.
The jpy pairs dropped further down britguy.. like I said they would. I usually wait for a 300-400 pip drop.. gbp/jpy is scary.. it can go even 1000 pips in a matter of hours.
Also, gbp/usd is down as I mentioned in an earlier post.. it's a good way for banks to make profits - drive it down to sub 2.0600 levels.. and then when US home sales come out disappointing, should go back up. Again, I'm assuming home sales will be lower than forecast. Let's see what happens.
Edit : - 14 pips on aud/usd trade - aud cpi came out higher than expected.
Also, gbp/usd is down as I mentioned in an earlier post.. it's a good way for banks to make profits - drive it down to sub 2.0600 levels.. and then when US home sales come out disappointing, should go back up. Again, I'm assuming home sales will be lower than forecast. Let's see what happens.
Edit : - 14 pips on aud/usd trade - aud cpi came out higher than expected.
Oh no nathan.. the "-" was merely a dash - not meant to be negative 14 pips
I did make a profit.. and there was ample opportunity to get in a retrace as well.. it dropped to 0.8811.. and then slowly climbed back up to 0.8835. Missed that opportunity..Oh no nathan.. the "-" was merely a dash - not meant to be negative 14 pips
Oh ok...I was wondering for a second how you would manage to lose money on that...anyway, my mistake
Barely escaped with 4 pips.. USD very strong this morning - for no logical reason. Probably a lot of profit taking after 2 weeks of getting sold. waiting to see if gbp hits 2.05
Yeah, no trade for me this morning, not enough movement. Looking forward to Friday's trade, hopefully that will move things.
Nice 24 pips on nzd/usd trade - sweet drop.. rates came out as expected (8.25%) Also no more rate hikes seem likely.. don't know if nzd/usd will drop more.. but I've exited this position.
Good job! I didnt trade because I saw the spread flash 14/71 at one point so I just decided to stay out.
Also, Felix is a f%@king idiot...he gave a buy on SNW. I knew not to trust him on that because Ive seen what happens with NZD rate decisions before...and usually all rate decisions that come out as expected are more likely to drop than rise.
Anyway, MP check your PM
He gave a buy?? On an expected hike? Lol.. the only time a buy should be carried out is if there is an unexpected rate hike.. never on an expected one. Geez.. I wonder how many of his followers lost money on this one
Also, finally figured out (a little too late) why gbp/usd went down on bad US home sales.. because apparently the median price of homes has increased for the first time in a year. Oooh.. man, US home sellers are crazy.. they want the highest profit in a stagnating market.
Just checked my pm.. will get back to the dealer about the yamahas, and send you the invoice tomorrow.
Weirdest day today.. huge selloff in the pound.. got 30 pips shorting gbp/usd on the UK home price report.. it was a move that took about 3 hours.
Then comes US Durable orders report.. news was terrible for the US$.. pound spiked up by 10 pips and then *bam* back to where it jumped from.. and stayed there. I got out for a -2 pip loss.. can't quite imagine what the hell prevented it from going up. And then it dropped
I'm guessing that the bad news in the UK and an overbought pound is finally starting to take effect - or maybe this is all just profit taking.. since this is the last week for all inst. traders.. and they probably want to end it in a profit.
Let's see what the new home sales report does.. I would be very careful trading this today.. it seems everyone's expecting a great US GDP report tomorrow.. and so the $ is extremely strong. And check out the JPY pairs.. they're getting fried.
Then comes US Durable orders report.. news was terrible for the US$.. pound spiked up by 10 pips and then *bam* back to where it jumped from.. and stayed there. I got out for a -2 pip loss.. can't quite imagine what the hell prevented it from going up. And then it dropped
I'm guessing that the bad news in the UK and an overbought pound is finally starting to take effect - or maybe this is all just profit taking.. since this is the last week for all inst. traders.. and they probably want to end it in a profit.
Let's see what the new home sales report does.. I would be very careful trading this today.. it seems everyone's expecting a great US GDP report tomorrow.. and so the $ is extremely strong. And check out the JPY pairs.. they're getting fried.
Very dangerous to trade right now.. I'm waiting for Tokyo to open.. GBP/JPY has the potential to drop 1000 pips.. it's happened before. I would just hate to be in at the wrong time.. in the wrong direction!
Unbelievable day.. I shorted gbp/jpy at 241.86 earlier this afternoon after I woke up from a nap.. and then it went up.. all the way up. I closed my position at a 200 pip loss. Then at 244 I decided to short the hell out of it since it was showing signs of struggling.. also, european stocks were to fall again.. and gbp/jpy fell all the way back to 241.65.. so I recovered my losses and made some good money.
Hell, it left with me a good headache though. I am NOT entering these trades again It's like standing in front of a train.. moves down 600 pips.. up 300.. down 400.. sheesh!
I can't believe AUD/JPY is languishing at 101.79 right now.. when all these carry traders abandon ship.. they really do so in a synchronized manner!!
Hell, it left with me a good headache though. I am NOT entering these trades again
It's like standing in front of a train.. moves down 600 pips.. up 300.. down 400.. sheesh!I can't believe AUD/JPY is languishing at 101.79 right now.. when all these carry traders abandon ship.. they really do so in a synchronized manner!!
What's that I hear? Now's a good time to buy into the carry trade, you say?
Lol.. let's see how this works out. If the 'risk aversion' fizzles out by monday.. all these jpy pairs will be back up 600-800 pips. Heck, that could even happen today. All I know is.. I'm ready for another sleepless night
Damn...Ive been scalping EUR/JPY since 5pm today....made 50 pips, lost 10 out of 7 trades.
Im going to sleep!
Oh yeah, MP will you glance at EUR/JPY on currenex and tell me what spreads your getting...I know its variable, just what the range is around this time of day.
Im going to sleep!
Oh yeah, MP will you glance at EUR/JPY on currenex and tell me what spreads your getting...I know its variable, just what the range is around this time of day.
Nathan, I've been watching it for the last few minutes - spread ranges from 1 to 2 pips. Spread on gbp/jpy has been strange - from 2 to 6 at times. I don't know if I'll be able to sleep..
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