Forex Day Trader's Thread

[TAjammy]

hmmm.. well a 15 - 20 pip trailing stop is pointless .. I think the only time using a trailing stop makes any sense at all is if you're someone who pays no attention at all to your trading account.. You setup a trade with a 600 pip trailing stop and come back in 6 months to see how your trade is doing..

In order to trade GDP you'll need a huge stop because of cross action and knee-jerk reactions.. You can use a 50 pip stop, be right overall and still get stopped out due to the initial silliness that happens.. I'm covering all trades and removing all orders when that data is released..

black 47, come on black 47...

my stop loss is 300 pips now

 

[vinicius]

Hey Mask..

There wasnt any hookers but there we go.. A handsome man for ya..

 

[Masquerade]

Nice leg.

That place looks so much better than UK - don't know why you want to get a flight back.

 

[SSINGH]

im short cable 16465...stop at 16500

 

[TAjammy]

shorting cable's test at it's pivot for a 30 pips TP

 

[N Rothschild]

selling euros

 

[ivantchourilov]

selling euros

After the number?

 

[N Rothschild]

indeed

 

[ivantchourilov]

indeed

Pretty bold indeed. I am usually extra contrarian, especially after such BS numbers, but I think that the whole sell-off was a good set-up for a possible head and shoulder formation. I think that over the next few days the dollar will go down. 1075 seems a reasonable level to test on the S&P for the right shoulder. They pushed through 1075 to the downside on a major sell by one firm on 150k contracts.

What is your time-frame? Long term dollar should go up, ultra short-term dollar will probably also go up as the gap closes.

 

[N Rothschild]

coz its a bull**** number driven ONLY by govt spending, also fed mbs purchases are ending today. fake rallys roll over on good news not bad news

 

[ivantchourilov]

coz its a bull**** number driven ONLY by govt spending, also fed mbs purchases are ending today. fake rallys roll over on good news not bad news

No argument from me there. I think the major cause for concern in terms of the rally is that its been on low volume until the selling comes in. But I've been getting hammered on the short side since July so badly I switched to paper. If I didn't I'd be broke right now. But I think that a reversal is in the air. Will find out over the next few hours. I think the true test will be next week, and by then I am guessing this right shoulder will form. Let's see how this plays out.

 

[N Rothschild]

dont look for patterns before they appear

 

[Pippy5000]

moving that short up to 1.482 with a 35 pip stop.. going back to bed

 

[ivantchourilov]

dont look for patterns before they appear

Lol oh believe me I am not . I am looking at the oversold levels and the turning indicators at the moment.

 

[N Rothschild]

out of euro -50, wasnt happening just yet..ah well

 

[N Rothschild]

spose the trade did go agasint my bouncing stocks prediction, woops

 

[ivantchourilov]

CNBC - Steve Lisman

This is what I mean... This is a BS number. But the happy small time players are going to jump in long today, buy back all they sold and die within a fortnight. End of the recession? Bahaha one has to be high.

 

[ivantchourilov]

spose the trade did go agasint my bouncing stocks prediction, woops

Man that is one amazing attitude! Great work!

 

[N Rothschild]

shorting euro again stop just above the highs

 

[lasart]

short in Euros

The last two days surely have been profitable as we've been staring down the face of the world's most obvious Eur/USD long opportunity.. However, now things are cloudy as hell. Obviously risk appetite has returned for US investors, but I believe that they are short-term profit seekers.

I went long as well and stand a bit amazed that we reached 1.418. Technically we shouldn't be here and the Euro is horrifically overbought. At the same time we have a prominent German ex-finance minister telling the current finance minister to come clean about the state of the economy in 2009 which could be "the greatest financial crisis on the history of the German Republic" with as much as -6% GDP growth, yet the Euro is bought like hotcakes.

Of course then we've smashed through the long-term SMA and far exceeded bands resistance. So I should long Euros right?? Hell no..

I have ultimate faith in our fine, fine, brilliant leaders and will long USD as a result.. No, sorry I don't, but I do have faith in the nightmare known as the credit crunch. It is the gift which will continue to give far beyond mid-December 2008.

I'm actively shorting Euros with 2 lots at 1.413 with stops at 1.43 and will double-down with 4 or more lots if stopped out. I'm willing to bet the farm with 8 lots at 1.45..

This Euro strength is ridiculous and mathematically and tehcnically makes little sense.. The market will correct this..

Fully agree with you, this is the right side of the market. Where do you see the next resistance that could stop the Dollar rally?