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Anyone here into FOREX?
- Thread starter Music_Producer
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I got 45 pips on GJ after a spread of 30 pips 
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..
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 lolGJ 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..
Ok stay out LOL.. I just lost all my 45 pips.. but then made it back again. Markets are crazy right now
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.
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.
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.
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.
If the northern rock issue and UK cpi wasn't poor.. this thing would have flown off - GU would have easily reached 2.0300.
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.
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.
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.
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.
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.
Thanks for the invite mate
Haha, better come quick before we hit parity...
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!"
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!"
Yes! Please buy my house now! Rates will be rising soon!
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.
Yes! Please buy my house now! Rates will be rising soon!
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?
Totally agree. As I said, this is all going to get worse before it gets better...
Shard, we've reached parity mate
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...
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.
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 (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! 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!
If I go out for a movie, I can't enjoy it.. nothing, I just keep thinking what my position is doing.
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
(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!
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!
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?
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?
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.
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)
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