Forex Day Trader's Thread

i think the usd/cad wants to correct the move down..

but i am far from sure if it will trade above 1.30..
 
@miskec, i think if euro stays above 1.2820 then it can finally move to 1.3x
but today, it reversed from the top.. euro still looks unsure to me
 
Since Euro tanked even though equities were up 6%.. What's going to happen if equities sink tomorrow???

The market is currently net short Euro .. there was just a little squeeze and I grabbed 19 pips.. Not really sure what to do now.
 
I'm going to try a buy and hold trade with Cable..

60 lots 1.3505 s/l 1.346 manual t/p .. trail stop to 0 after 30 pips..

[gulp] let's hope it works out ;)

risk $2,400 reward $60,000+
 
Last edited:
Pippy5000 said:
I'm going to try a buy and hold trade with Cable..

60 lots 1.3505 s/l 1.346 manual t/p .. trail stop to 0 after 30 pips..

[gulp] let's hope it works out ;)

risk $2,400 reward $60,000+
Click to expand...

good luck with that, hope it works out for you :)

I caught the S&P futures escalator up yesterday from 689.9 and then decided to hedge it overnight with a long position in gold futures at 894. Fully expected one of them to have closed out overnight, and the other to have continued on upwards... but in these topsy turvy times we live in, both went up and both still open :)

good luck today, I think its going to be eventful one way or another, with crude inventory due out...
 
welshandy1 said:
good luck with that, hope it works out for you :)

I caught the S&P futures escalator up yesterday from 689.9 and then decided to hedge it overnight with a long position in gold futures at 894. Fully expected one of them to have closed out overnight, and the other to have continued on upwards... but in these topsy turvy times we live in, both went up and both still open :)

good luck today, I think its going to be eventful one way or another, with crude inventory due out...
Click to expand...

strange day today, hope we can get something out of it. but you are right its gonna be very eventful, who knows...
 
welshandy1 said:
good luck with that, hope it works out for you :)

I caught the S&P futures escalator up yesterday from 689.9 and then decided to hedge it overnight with a long position in gold futures at 894. Fully expected one of them to have closed out overnight, and the other to have continued on upwards... but in these topsy turvy times we live in, both went up and both still open :)

good luck today, I think its going to be eventful one way or another, with crude inventory due out...
Click to expand...

welshandy, be careful with GOLD, the decline yesterday was very impulsive, i am expecting only minor bounce, before another sell off starts
 
RidderTrade said:
welshandy, be careful with GOLD, the decline yesterday was very impulsive, i am expecting only minor bounce, before another sell off starts
Click to expand...

yes, I know. As long as stocks are rising then most traders will be bearish on gold. However, my s/l on gold is at 900 so I have already locked in $6 (60 points) and my s/l on S&P is way over market entry, so no matter what Im greened up ... ;)
 
RidderTrade said:
welshandy, be careful with GOLD, the decline yesterday was very impulsive, i am expecting only minor bounce, before another sell off starts
Click to expand...

yes, I know. As long as stocks are rising then most traders will be bearish on gold. However, my s/l on gold is at 900 so I have already locked in $6 (60 points) and my s/l on S&P is way over market entry, so no matter what Im greened up ... ;)

the oddest thing at the moment is that both are still going up!
 
your trailed stop got hit wels.. its a correction.. so the odds strongly favour a choppy move.. where it would be difficult to keep trailed stops..

ok good luck friend
 
As expected! But no, it wasnt a trailing stop. Too choppy for that. It was a fixed stop - I fixed it at a level that I was happy to part with, more than happy with banking a 60 point move.

So now I watch for the next entry... but after the crude report I think!
 
Entry is still there at 1.3505 but price action isn't cooperating.. I'd rather just buy a bounce than risk that much money but I probably won't be awake when it happens..
 
yeah I think trailing stops suck.. I hate getting stopped out halfway between the s/r with my stop at some pointless spot.. I think fixed stops are always the way to go. The only time I really use them is when I use buy or sell stops to try to trade news with lots of leverage.. I use them basically to prevent losses on reversals.
 
hi friends,

gold wil go to 6xx from here, silver to at least 8

euro keeps stalling around 1.2820.... important level for further rise
 
Trailing stops

Pippy5000 said:
yeah I think trailing stops suck.. I hate getting stopped out halfway between the s/r with my stop at some pointless spot.. I think fixed stops are always the way to go. The only time I really use them is when I use buy or sell stops to try to trade news with lots of leverage.. I use them basically to prevent losses on reversals.
Click to expand...

Yes..they suck, the broker will mention it is to secure your gains, but often you see it as a hurdle as potential good trades got killed to soon
 
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