Was trading the EURUSD and USDJPY last night until the morning - almost London open. Won a little on EURUSD and lost a little on USDJPY - which irritatingly managed to just hit my stop during the IB close - can't figure how that coincidence happened. Well, the slower action during the night - when I thought BOJ rumours would be ripe was disappointing. After my stop was hit I slept late today, so a lot of the action was lost on me. Chinook, if you're looking for slower action - you know that nightly trading - it's like stuck in tar most of the time. Tried some scalps here - but I'm only -2 on 4 trades, so I guess most of my brain is still asleep. I do think - as some others - that BOJ stays away when there are no big USDJPY moves alone - but a general USD weakness. However, below 103, I do think the chance for intervention is imminent, although december should be very thin. So we will see tonight, if there are no substance to the rumours - it's anyone's guess - but it'll certainly be a surprise. Staying up to 03-04 in the morning or even 08 some nights is not too helpful for getting a good start on US RTH trading... Interesting to hear that more EU corporations are hedging 1-week options on EURUSD now; reportedly 1.3350 and 1.3450 calls. I guess the last two sessions just left the field of vision void for much information, and with december volatility, andything can happen. I still believe in a retrace on EURUSD, but like I noted, I don't know from where. From below 1.31 I figured 1.26 would be a safe bet, but from closer to 1.32 .. it starts to get fuzzy, and I get a sense of being "stubborn". So go with the flow on the trades. Stubborness in these markets will wipe you very clean, all the way from the behind.
I guess currency traders can never rest, but as it involves staying in the news flow - I enjoy that. Besides, I'm programming on every available pause I have from trading. Got to see if everything just mellows down now, or if this market is still here. USDJPY has some concerted moves to EURUSD for most of the time - but the bigger moves are worth a EURJPY look. Still trading in the Ichimoku cloud for now. Happy turkey-day, anyways. I'll wait until christmas for roasting that one myself. I will never get used to weather of +33-36 degrees Celsius on christmas eve ... Got to try and get some real winter temperatures at least for easter.
It's tough... weekends only time I can get rest. It's about that cold here in Oregon too. Past couple days we've been having good weather though. I better stock up on KFC today, haha. I'll take chicken over turkey anyday happy turkeyday to you too
I'm about to decide about not sitting in front of the screen all night long. Whenever I trade at night, I'm usually too exhausted to trade well during the US session. I'll check the market around the Europe open. If I see a good setup, I'll enter put my stops and maybe a target and leave it alone. Watch out for that stubbornness. You mentioned that you converted some of your equity into Euros. Will that be affecting you? I would have probably kept my equity 50% USD and 50% Euro just to be 100% neutral
It is just to get the bigger move well below 1.30 - I think it will happen, and then I will see how things fare to decide how I equate my funds. I don't have any "stop loss" on this - but I guess going around 1.40 and no looking back, or consolidating might just get me stuck with USD. As this is only the trading funds I moved into USD, I don't have any other property pegged to USD. So it's not affecting me too badly.
Scalping a little better on the USDJPY now, but EURUSD seems quite steadfast. It also looks like it's mainly running stops now too, but that is definitely running it higher sometimes - ATH high that is.
Awfully quiet, but anyone willing to see if the USDJPY will move some tonight ? Might spill over into EURUSD action too ... Even news from Thomson has dried up. Better wait until the japanese correspondents wake up.
Wow! Nice japanese trade surplus and export growth ... That should give some food for thought. It looks like a nice opportunity for some moves in the asian session. It might get overly choppy - but that's the fun of it.