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Anyone here into FOREX?

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Music_Producer said:
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!
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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...
 
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)
 
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~ said:
22 pips on the CAD interest rate decision this morning. 7 pips scalping tonight using 1-minute charts and technicals... :cool:
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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..
 
nhallmark said:
uh..err...how'd that turn out?
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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 said:
How did that go? I couldn't trade NFP :(
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Whoops. kinda left you guys hanging on that one. :eek: ;) 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:
 
Question

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...
 
MP is your broker still working for you at newstime? Any thoughts on FOMC? My gut instinct is they'll cut 50bps.
 
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:
 
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?
 
~Shard~ said:
I feel a 25 bps cut is priced into the market, but definitely not a 50 bps cut...

Should be fun! :cool:
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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:
 
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. :)
 
~Shard~ said:
Nice trade Music_Producer! I didn't realize so many people were planning for a 50 bps cut. And a 100 bps cut! :eek:
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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!
 
Music_Producer said:
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!
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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:
 
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?
 
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