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I usually don't do this anymore(pick tops) but. Short gbp/jpy short usd/jpy and long usd/cad.
It's quiet in here today.
Closed gbp/jpy for 168 pips, one aud/jpy for 126 pips and the other aud/jpy for 98 pip. Two smoking days in a row. I wish I could pull this off for about 6 months strait, i'd retire.
Closed the usd/chf short for some nice pips. Holding the aud/jpy and gbp/jpy longs for now.
Always good to get some pips back. All my trades are looking nice at the moment. Including long aud/jpy, gbp/jpy and short usd/chf. Lets see where they go from here. All I need is some DOW strength to pick me up.
I think it simply way oversold on a technical perspective. Same goes for x/jpy..thus my reasoning for longs this morning on gbp/jpy and aud/jpy. I just scrapped some eur/usd shorts for about -10 pips or so as well.
Added a small short usd/chf. Reason: It bullishly broke out of its range, however, it has made zero progress and is currently back under previous range resistance. The stop is tight at 1.1760
Added a long gbp/jpy and aud/jpy at current levels.
I think it was expected. Aside from that the market, especially aud was sold off massively yesterday. Not much more room to move until things consolidate a little. I have not looked at the meeting minutes but they may have indicated that they will not cut next time, which usually ends up being bullish for a currency, especially one such as aud.
FXCM 1000=400,000. I've used half leverage on my FXCM account more than once, sometimes it works, sometimes it don't. In the end though...it don't work. lol
I took my pips yesterday on the long aud/jpy. I'm currently short eur/usd and will take small pips on this one as the market is quite oversold.
I just added a very small aud/jpy long as PA is sitting on the neckline of the daily/weekly double bottom. May prove to be a good trade. Stop is at -100 and tp is way up at about +500 pips.
Cancel that last post. I will wait and sell x/jpy on rallies. Makes better sense. I specifically like the H&S on aud/jpy 4hr/daily charts. I'll sell a test of the neckline which is around 70-71. I'll look to short the other x/jpy's on rallies as well. Specifically usd/jpy, eur/jpy, gbp/jpy.
I'm considering buying gbp/jpy once the momentum to the downside slows. Same with eur/jpy and or usd/jpy or perhaps aud/jpy(haven't looked at this one yet though.
Thanks, the trades worked out well. I didn't stick to my plan though as I took profits early. Who can complain though? I'll leave one going with a 75 pip trailing stop just to see whether my choice to close out early was a good one or not. lol
I usually look for larger swings. 100+ pips. Its much less stressful that way. I preach the don't over-leverage, but I am also a victim of greed and often overleverage. Everytime I back off the leverage, I make nice profits. So...i'm working on a fixed plan that i'm going to stick to so that I don't ream my account anymore.
Closing my usd/jpy shorts for a combined 500 or so pips and left one open for sh!ts and giggles. Done trading for today. Got homework to do.
Good logic in your post. It'll certainly bounce back pretty hard at some point or another. Just manage your stops well if you are shorting it so that the snap don't bite you.
Lol i don't know. With eur/jpy you MUST watch eur/usd also. That is the exception I see with eur/jpy...so it may stray away from others.
I have 5 trades that are all up over 100 pips each. At $1.00 a pip prices. Can't complain on that for one day. I consider my current trades way overleveraged on my account. Of course, if I had $10 pips, I'd be up about $5000 today. Ohh wait, I would have margin called on the 30 pip drawdown I had yesterday. get the point?
$10 pips on a 1k account will destroy it very quickly. OR it will double, triple, quadruple it quickly. Just my word of advice.
You can't long x/jpy when the dow looks like this 7,891.59 down -239.74 -2.95%
Check here maybe.
http://www.microsoft.com/windowsmobile/en-us/devices/default.mspx
Quote from the supposed results:
1) Of the top nineteen (19) banks in the nation, sixteen (16) are already technically insolvent.
2) Of the 16 banks that are already technically insolvent, not even one can withstand any disruption of cash flow at all or any further deterioration in non-paying loans.
3) If any two of the 16 insolvent banks go under, they will totally wipe out all remaining FDIC insurance funding.
4) Of the top 19 banks in the nation, the top five (5) largest banks are under capitalized so dangerously, there is serious doubt about their ability to continue as ongoing businesses.
5) Five large U.S. banks have credit exposure related to their derivatives trading that exceeds their capital, with four in particular - JPMorgan Chase, Goldman Sachs, HSBC Bank America and Citibank - taking especially large risks.
6) Bank of America`s total credit exposure to derivatives was 179 percent of its risk-based capital; Citibank`s was 278 percent; JPMorgan Chase`s, 382 percent; and HSBC America`s, 550 percent. It gets even worse: Goldman Sachs began reporting as a commercial bank, revealing an alarming total credit exposure of 1,056 percent, or more than ten times its capital!
7) Not only are there serious questions about whether or not JPMorgan Chase, Goldman Sachs,Citibank, Wells Fargo, Sun Trust Bank, HSBC Bank USA, can continue in business, more than 1,800 regional and smaller institutions are at risk of failure despite government bailouts!
The debt crisis is much greater than the government has reported. The FDIC`s "Problem List" of troubled banks includes 252 institutions with assets of $159 billion. 1,816 banks and thrifts are at risk of failure, with total assets of $4.67 trillion, compared to 1,568 institutions, with $2.32 trillion in total assets in prior quarter.
http://turnerradionetwork.blogspot.com/2009/04/leaked-bank-stress-test-reults.html
I expect the leaking is a way to soften the official release. By the time they release it officially, it won't be a surprise. lol But who knows. Ohh and The Turner Radio Network is the one claiming to have the results. Here it is http://turnerradionetwork.blogspot.com/2009/04/leaked-bank-stress-test-reults.html
Only time will answer whether Turner is FOS or not.
It's all good i'm averaged at +70 pips right now. I expect the bounce is anticipation of the DOW opening in 5 minutes. If the stress tests are officially released and are "very bad" x/jpy will probably tank, along with the dow. Who knows though, the markets are nutz.
Still holding my shorts 97.50 is the first target, 96.30 is my next.
Well, if they changed the mark-to-market rules, banks wouldn't be required to report unrealized losses as losses. These earnings could be the result of this.
The Govt recently stress tested the banks(don't ask how, I don't have a clue) to look for potential weaknesses and determine whether banks will require more funding. So I take "very bad" as being "not good" hehe...supporting my short usd/jpy and likely leading to the dow selling of a bit which is apparent by the current dow futures Dow Jones -136.00 7948.00 4/20 8:26am
Check the Oanda news ticker for "GBP/USD: Consolidating Losses, bank stress tests "leaked""
I think that with the dow futures being so weak, aud/usd long would not be a good idea. Just a personal opinion.
Rumor states "very bad"
Rumored that stress test results were leaked.
It is now. Working on taking out that daily support/38.2 right now. A decent break through should run some stops...which I love to watch in real time....as long as i'm on the right side of the trade anyway!
USD/JPY hourly support taken out, now we(I) need the daily support which comes in line with the 38.2 fib to get taken out, then it'll be all cake.
Shouldn't be an issue for you, you use MT4 right? I think he's referencing the crappy windows platform they have(imo of course)
Dow Jones -89.00 7995.00 4/20 5:38a
If this keeps up, betting on x/jpy weakness should be a good one.
I think your choice to go short is a good one. Should be good for at least 97.50 or better.
"Thoughts on USD/JPN? Just went long here at 98.98"
"USD/JPN ~ Stopped out at 98.90, Now Im going short here at 98.89.. Wish me luck :)"
3 here at forex.com. Oanda is at 10
usd/cad kicks my butt nearly everytime I attempt to trade it. So I gave up on that pair for now.