Qf - page 3
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Managed to catch the top on the EURJPY. The top was made at the beginning of the London session. Made some nice profit from that trade. I also got in on the GBPUSD and EURUSD like I was saying. I've already taken some profits off the table on the GBPUSD position. I am long USDCHF too.
Gold is at all time high. SNB is intervening ... my nasdaq position is under water (but I am holding it as I think it is a good hedge) ... Bernanke is talking about raising rates (that can't be good for the EUR or the stock market).
EUR is unable to hold above 1.2 (FOR NOW) so I am holding onto my positions and sitting on my hands until either my stops are hit or my targets...
Not much to report on. I think it has been a good day for most traders as the price has just zigzagged in a preset range. It will probably take off soon. Hopefully in my direction. Below is a view of my fx balances
Well damn. I got stopped out of my EURUSD and USDCHF trades due to a rally which lasted several hours. I guess that was bound to happen sooner or later. I have only one trade still on .. the long index futures one.
I'm going to set up some pending orders to short the majors at a higher price again granted we have some more fake breakouts to the upside.
The week is back heavy with fed idiots speaking (who have lost credibility completely) lies about the state of the word economy and how everything is just peachy. I am going to follow what they say closely and pull the trigger every time the market goes counter trend on their lies.
Trichet kept his mouth shut and that is making Mr. Market happy. Germany's high court rejected a lawsuit that would have blocked the big bail out for Greece and the rest of the EU. ECB is going to continue providing 'liquidity' .. ie buying government bonds. Lack of liquidity in Europe is setting new all time highs. Goldman officially set the EURUSD outlook to 1.15, giving perfect indication that it is time to BUY EURUSD as Goldman gets is wrong 100% of the time. The markets are rallying, all is good in the world. Oh, there was this one guy Soros, saying something about the EUR being only in the initial stages of its decline.
I see this rally as a pull back and I am selling heavily into it. I will be closing most of my positions before the weekend so I hope I time this well.
A happy ending! (to a very choppy weak I mean )
I am glad that the longer term trend continued this friday. Late thursday night, with CNY numbers out, it wasn't looking pretty. People were looking to take riskier assets again. GBP numbers were a savior: PPI (signaling deflation) and Production (industrial and manufacturing) much worse than expected ... so the GBPUSD (and USDCHF) dropped and I was able to bank a nice profit.
My timing on the EURUSD wasn't all that great. I shorted it couldn't catch the top so the position sits at a small loss. After banking in profits from USDCHF and GBPUSD I have decided to keep EURUSD over the weekend as I don't expect a big gap on friday. I also have long future index exposure which is acting as a good hedge. That position is well in profit as well. So far I have been able to hold the incredible gains from last month and make new equity highs.
Next week looks to be kind of boring. Let's hope we can stay out of trouble.
People did some profit taking on the EURUSD ... than Greek debt was rated junk. A bit late though as that rise in the EURUSD took out my stops. I have set more orders to sell european currencies. I am also still holding on my index future positions.
I am straddling the currencies ... I have pending short positions above current price (in case price continues to rise) and below current price in case price falls. I strongly believe that the next big move in down and I don't want to miss it.
The "rally" continues. I am in short european currencies and I still have along futures index position.
The news have not been good out of EUR. Just check out the GER ZEW numbers...
I see no reason for this market move so I am sticking to my guns until I get tired of being wrong.
Everything is the same as yesterday. I have way too many long USD positions and I have started to slowly decrease the risk as I am not seeing the movement I have been expecting. I have already reduced my GBPUSD exposure as that pair has dropped in early asian trading and will further reduce exposure before european open.
From a fundamental point of view, nothing has changed for the better in europe... the european currencies will fall, it is just a matter of when.
Here we go... the down trend has resumed. Being patient when you know the trend and fundamentals are supporting your view point sooner or later pays off.
I am starting to make up for some of the losses I took at the beginning of this week.
Grabs
These are the grabs of the charts.
TEAMTRADER
"Trade what you see and not what you hear or Hope."