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yes the usd is acting like the Fed is going to announce that they are going to be dumping sacks of 500 dollar bills out of airplanes.
who knows seems like the specs are just able to take advantage of days like today when everyone is waiting on the FOMC which I am sure will be a non event. Been awhile since I took a hit like today. 225 dollars worth.
oh man just took a nasty hit.
the better you get at taking those losses the more confident you will become about your trading.
I am getting clipped on a USD/JPY long, got quite a few lots open now.
the furor over AIG's payments to counter parties to make good on credit default swaps seems stupid, that is why AIG could not be allowed to fail because if they failed then it would have a ripple effect throughout the global economy. In this particular instance it seems to me they did the responsible thing and made good on those payments thus reducing their indebtedness.
00:18 CB Survey - Crisis Having Major Impact On Reserve Management Tokyo, March 18. A Reuters survey of 39 central banks shows the majority of these institutions having been greatly impacted by the on-going financial crisis in their reserve management. As a result, many are re-thinking diversification strategies and 92% reassessing counterparty risk. The suggestion here is that diversification will halt if not shrink outright. According to the survey, only top-rated government debt, US agency debt and gold are seen to more attractive than a year ago. Central bankers also noted that they expected reserves to rise only marginally over the four years with some noting shrinkage. The Financial Times reported over the weekend that China has lost billions in its reserve diversity drive, especially into global equities just before the global stock market collapse, and that such factors may be at work. --Haruya.Ida@thomsonreuters.com
an executive at AIG is appearing before a Congressional committee tomorrow, that ought to be amusing.
I have to say I am a little disappointed that I can't celebrate St Pat's. But my daughter is dancing til nine or so and by the time I pick her up I am going to be too tired to go out.
You are split in so many different directions, being a working out of the house Mom is so hard, then to be working on this too.....I am at home only doing this for the most part and my kids aren't little. Seems like you are doing pretty great to me.
I seem to struggle more when I have some goal that I am trying to meet. I find I do better when I just focus on the trading itself as opposed to how much money I make. Looking for the opportunity instead of forcing trades to make a goal.
I am basically b/e for the week so far. Took a bigger hit this morning but have pretty much climbed back scalping gbp/jpy long
everything going nowhere fast today.
20:38 Forex: FASB allows for "Significant Judgment" Applying M-to-M New York, March 16th. FASB has gotten to the point of bending the mark-to-market rule about as far as one can go without it actually breaking it in the latest announcement from the rule-making body. In a nutshell, if there is no liquid market to mark and asset to, than companies are expected to come up with a reasonable anticipated cash-flow model to use. Makes sense as long as the "significant judgment" companies use to make their marks does not become a vehicle for never taking the pain on an investment gone bad. Randolph.Donney@ThomsonReuters.com
lol I guess folks think Bernanke got himself a crystal ball. Messed up my short trade, it dropped fast so I didn't pick up a second lot wanted to book on the one I had so got out, anyway that happened again and I missed most of the move.
ok now that I got that off my chest, I am in a small short geppy which I intend to play around with for at least a day. I think it might be too soon just yet to be short which is why I am in small to begin with but I think we see some of the euphoria start to wear off today as the reality of the situation that we are in (as opposed to some musings on 60 minutes by Bernanke) will start to sink in. Especially after that Empire State number.
is anyone else sick of hearing about the banks? How they need to be functioning how they need to be made whole how they need a place to unload their toxic holdings, how until they are fine we cannot be? I think it is horse sh*t. There are plenty of good banks out there that didn't get in this mess or help create the overall economic turmoil we are in. They can manage payrolls and lending to sound businesses. I just don't buy that the banks that are in trouble have to be saved in order to fix the economic malaise that we are in. What will do that is jobs at decent wages. Let the banks that are in trouble die.
into treasuries mostly I expect.
On the economic front, the Empire State Manufacturing Survey, which the market usually shrugs off but had a big effect last time it was released, will come out at 8:30 am. Analysts surveyed by Briefing.com expect the index to come at -33 for March, from February's fall to a record -34.7.
Industrial production data for February is to be released at 9:15 and is expected to have decreased by 1.2 percent, at a slower pace than January's 1.8 percent fall.
I can get into daily forex plus but not the trading platform.
thanks. As for stupid I did stupid this week too, maybe it was the full moon.
never mind I found it but Googled my problem in a different way and found the fix I am very proud of myself. It was coming through messenger service so I tried Googling that instead and all I had to do was disable that service.
what is the name of the board for computer problems does anyone know? I keep getting a pop-up telling me to go to register fix I have run malwarebytes, spybot and symantec many many times over and nothing finds it. I have tried googling but haven' gotten much help there either.
nice save on that geppy short you had going the other day. That one really swings, I like to trade it too but only when I think the gbp/usd and the usd/jpy are going to be going in the same direction. And I meant to ask can you close out a position you opened all in a weekend?
I think it is because when our markets are doing well there is more willingness to speculate/diversify and other currencies get bought maybe mostly to invest in their ( overseas ) higher yielding markets. BTW you asked me something the other day about the GPB/JPY and how it moves bigger when both the GBP/USD and USD/JPY are moving the same way. It is because if the GBP is going up against the USD and the USD is going up against the Yen then the GBP is moving up exponentially against the yen. Same for EUR/JPY. That is how I trade the GBP/JPY if the GBP/USD and the USD/JPY both have hit a recent high or low I go short or long especially if fundamentals also support the trade.
well I made a chunk of it back so up 149 for the week. I should have just booked that 80 that was just beyond stupid not to. Also I think I have to just get in the habit of napping in the afternoon, because there is a lot of money to be made around the London open, I am just too tired to trade it. Then there is all the housework, grocery shopping, running the kids arounds, as you well know, so we definetely need to make sure we are getting enough sleep, can't be tired behind the wheel and in your case your kids are young enough that being tired any time is a risk.
Ok here is stupid, I was up 85 bucks on a long gBP/JPY watched it mostly melt away thought it would go back up left to pick up kids came home to an 80 Dollar loss. Fried my week I made a whopping 50 dollars after I took a further hit trying to go long again.
I have that same issue around stop losses. I don't like to put them in too far out, but if they are within a reasonable range they always seem to get hit. But on the other hand I feel like I miss out on some profitable trades like last night. If I could have put in a reasonable stop I would be doing very nicely right now. I didn't have a bad week but I didn't meet my goal.
I briefly went long on the GBP/JPY last night at 1.360 but wasn't up to babysitting the trade so bailed :(
thanks Kermit.
lol you have been on the right side all day You must be feeling pretty good right about now. Last post for me today. Have a good evening everyone. Maybe I will pony up for a sub....
ok seriously? is this whip saw Friday? sure feels like it.
yeah saw that you mentioned that earlier and mine was a bit funky, I restarted and have been fine.
Local news saying GM is starting to turn a corner, not burning as much cash and not going to need the 2Bil it had asked for for March. That could explain the rally.
also mark to market is on the agenda again, they may relax the standard once every month instead of everyday, although really I am not sure how that helps, at the end of the month they just have to come up with a big chunk to meet reserve requirements.....
hey I was there and now I have 1630 and that was after the hits I took this morning. So it can be done.
congrats to you and Omar you guys are having a good day.
I don't see anything.....
looks like maybe there is profit taking on the EUR/GBP so the EUR/USD may under perform. I tried to go long a few more times just to get burned. I have now given up yesterday's gains and I am not happy.
nice! My loss wasn't huge but still I HATE TO LOSE.