FX Trading June 4 - June 8

[a_gnome]

So are you saying that shorting something like the Eur/Usd would be both good on interest for the trade when you close it and good for carry trade interest as well. Even better if you catch a good fall or pullback

There's not so much of an interest rate differential between the EUR (3.65) and USD (4.925) compared to the pairs that Jacinto listed (bid values from OandA bid prices). Not sure what you mean by differentiating between the interest when you close the trade and the carry interest as they are the same thing. It's just that some brokers pay in real time (e.g. OandA) and some only credit it to you once the position is closed out or more usually pay it once per day when the spot positions are rolled over.

Being on the right side of the carry spread always helps though you have to remember that the percentages are relatively small compared to the daily fluctuations in the underlying so it's more important to get that right than worry too much about the carry side.

 

[Phil Mibbutz]

Much easier pickings the last couple of days shorting the DAX and Dow, but now attempting to lose all recent index profits by going long again on cable at 920 with 955 target.

 

[Offshore Trader]

I don't know about others but I'm finding the recent markets very difficult. Shorted the DAX a few days ago after noting the hugely overbought status bit regretably only in small size. These tiny ranges in cable just don't suit my style at all. Hopefully EUR/USD will go back below 1.3500 and we might see some movement. Currently short cable and EUR/JPY

 

[jacinto]

managed to short from 30 stop at BE now. lets see if trichet helps eurgbp climb and let cable tank

edit: was just stopped out for a +ZERO trade. will let it wait till after trichet speaks to take a view. although i prefer the downside, seems like it doesnt want to go there, so may change caps.

 

[Crap Buddist]

Morning all,


Regarding Cable; since yesterdays sharp reaction off 9965 major Fib resistance on the dailies my bias has switched, currently holding half stake short off the round number rejection at 9950, my targets are tighter as medium trend is bullish for £ and no major support zones have been busted.
Also, bargain hunters might flock into buy value pullbacks between 9900-9950 for a sharp stint to 2.000 causing whipsaws in the next day or so.
Good luck all.

hmm pretty much what im seeing at the mo, although slightly biased to the upside. This current zone 1.9922/30 , As i say not confirmed shorts looking ahead for the next day or so, so wouldnt be surprised to to 1.9930 sprung to the upside for the assault on $2, should take out london highs at least.

well as I type its trying the 1.9930 spring. If that holds, then pressure back on for the upside. hmm its going a bit mental but ive got 22/30 as a scrap zone.

lets see what happens.

 

[zuke]

Finally managed to get a good short entry entry! - 9936, SL 9955, TP1 9866

 

[Crap Buddist]

hope no one is trying their first day trading this market. Savage. Think they might of jamed their head throught the screen by now.. lol

 

[brutusdog]

got stopped out earlier for -20. still looking to short below 9910 appears to be testing support more than resistance...

 

[jacinto]

hope no one is trying their first day trading this market. Savage. Think they might of jamed their head throught the screen by now.. lol

yep, really confusing. there is an option expiry today at 9925, and wonder if cable will drift around that till after 3 pm, which is the time i finish trading today.

may look for some dips on euryen instead.

Edit: removing bearish bias from cable, for the time being.

 

[trendie]

hope no one is trying their first day trading this market. Savage. Think they might of jamed their head throught the screen by now.. lol

actually took a short at 1.9934 at 8-am today.
its been flippety-flopping all over the place.
sometimes I'm ahead, sometimes not. the perils of day-trading!

EDIT: my exit point is high of y'day, or earlier todays high of around 1.9955 plus 5 pips.
see how I feel.

 

[Crap Buddist]

actually took a short at 1.9934 at 8-am today.
its been flippety-flopping all over the place.
sometimes I'm ahead, sometimes not. the perils of day-trading!

EDIT: my exit point is high of y'day, or earlier todays high of around 1.9955 plus 5 pips.
see how I feel.

Im still holding long from 1.9939, yesterday while this range plays out, whats keeping me holding is the longer term trend, showing no volatility driven punch south beyond 1.99 (which would likely turn my setup for short side) and sub 1.9922 is just value longs as I see it, because the market hasnt punched through. All that can change of course but not as yet.

And quite honestly if i'd of been short terming it today, most likely of been whipped to death

 

[Offshore Trader]

Today is threatening to be an inside day on most currency pairs and bearing in mind that yesterday's range was pretty small any breakout should be quite large. Still "married" to my short cable position although despite dollar looking strong sterling looks stronger. Will close in an hour but today looks like being another disappointing day.

 

[fibonelli]

15 min Cable looks very choppy

 

[trendie]

Today is threatening to be an inside day on most currency pairs and bearing in mind that yesterday's range was pretty small any breakout should be quite large. Still "married" to my short cable position although despite dollar looking strong sterling looks stronger. Will close in an hour but today looks like being another disappointing day.

yep!
ADX(14) is sub-20 on the hourlies, the Boll-bands are horizontal, so although I took a short, I wont take any more MA-Xs to switch around, as its a non-trend day.
will either get out for scratch, or just take one loss, and call it a day.

 

[trendie]

actually took a short at 1.9934 at 8-am today.
its been flippety-flopping all over the place.
sometimes I'm ahead, sometimes not. the perils of day-trading!

EDIT: my exit point is high of y'day, or earlier todays high of around 1.9955 plus 5 pips.
see how I feel.

thats me done for the day - out at 9924 for a poxy 10 pips.

never realised how draining it can be to watch numbers go green and red all day long.
not to worry, 10 pips a day, every day can lead to a large moolah! (read that somewhere from Rob Booker)

 

[jacinto]

thats me done for the day - out at 9924 for a poxy 10 pips.

never realised how draining it can be to watch numbers go green and red all day long.
not to worry, 10 pips a day, every day can lead to a large moolah! (read that somewhere from Rob Booker)

well thats a good day then.

i have scalped 2 times the euryen (one long and one short), been in profit for odd 20 pips with stops at breakeven in order to be able to play with my child, only to come back and see that im stopped out for nothing on both trades.

guess that im with my kid, i should simply target 15-20 pips until the next scalp setup appears.

 

[Atilla]

well thats a good day then.

i have scalped 2 times the euryen (one long and one short), been in profit for odd 20 pips with stops at breakeven in order to be able to play with my child, only to come back and see that im stopped out for nothing on both trades.

guess that im with my kid, i should simply target 15-20 pips until the next scalp setup appears.

DOW has been crem le decrem today...

Surprised cable hasn't surged on.

 

[Offshore Trader]

I think the DAX may be challenging the Dow, I shorted this morning at 7925, more than 200 points lower now. Cable just very frustrating. Hopefully after all this messing around we will see a really good breakout, although tomorrow will presumably be determined by the BOE announcement. I can't help but think that that is what has supported sterling today. There are some who are looking for a hike tomorrow and if it happens, you'd have to expect a push back above 2. The problem is that if they do hike then you won't get a decent fill on any stop.

'Til tomorrow

 

[JillyB]

New trade at 1.9926/29 for sell trade on cable.

I'll update in the morning as to how it's done.

 

[jacinto]

New trade at 1.9926/29 for sell trade on cable.

I'll update in the morning as to how it's done.

that could be a very interesting swing short

edit: with a first target 9686 and a second target 9510