OK, I'll criticize. Sometimes taking "any profit" is good. Other times that is not such a good idea. -/
Thanks, I agree with you, but the text reads wrong! It was meant to read "and a profit is good" rather than "any a profit is good" ooops, sorry, my bad. With this one in particular I was thinking logically the EURUSD was at a low, and would realistically go up due to NFP, so happy with a 15 pip profit at that time. I read you are long on EURUSD too, with tp set at 1.227*, when you close, are you going to reverse once it stabilises or are you staying out?
No prob. sometimes, depending on what trading structure you're using, scalping even 2 to 4 points is good. very good. just depends on your trade set-up, is all. no, the euro crack-up didn't fit the particular trading structure I was using at the time, that I have now modified, so, when it didn't make sense anymore to stay in the trade I axed it and saved 95% of my port. then remained flat to see which way the wind was going to blow. after a day it turns out it didn't blow the price very far and I could not sanction losing profits on euro long trades any more. so I moved in a nice, firm, newly re-wired short-to-medium range trading structure - currently putting me in euro long at 1.2276 with a 100-tic TP. If I hit it I'll do it over and over again, until Christ returns. of course, I have ways to manipulate positions should it go against me. it wouldn't start getting hairy with me until the price reached a buck. I don't think that is going to happen, and to remain flat until it should/could/would is nothing short of just rotten trading. and, rotten traders tend to get bagged in the forex. check this out. fxscalper
Well gents, made a nice sum this week. Gonna go out and relax with the missus. Closed all positions except my ever-open GBY/JPY (I keep lots of that open for the yield).
I've liquidated all EUR positions completely and am no longer short nor long EUR in anything. I've went long on Sterling to the dollar, to the Yen. I believe a correction is coming for the dollar, and the GBP is the "unEuro". Seeing as how sentiment in the EMU is so abyssmal, I don't want to place any bets either way on that puppy. So my new positions are moderately heavy on Sterling: Long GBP/USD @ 1.8235 Long GBP/JPY @ 195.00 I'll hold these until Friday or so, before my vacation to Greece this weekend The yield on the GBP/JPY alone makes it worth holding for a while at $150 a day.
Ivan, you're enlightened! I've been waiting for cable or GBP/anything to spike. It hasn't yet. What's up with that?
Good afternoon guys, I was thinking the same thing, I was just about to hit the buy button and I was like whoa back a second matey. Recent trend has been a little down for GBPJPY. On another note, I keep learning and learning. I set a sell order for EURUSD for when it hit 1.2215 and Oanda filled it, but only because they have a massive 10 pip spread for the first few hours when the markets reopen! So, it wasn't really moving in the direction I wanted, just that the spread made it touch that level! Damn, now I know not to set sell orders for oanda over the weekend! Now paper trading *should* have shown me that, but I don't think I set such an order over a weekend.
Yup I'm still short USDCHF and USDJPY (a much better performer) Looking for a further correction this week - possibly for EUR up to 1.2450 - if this breaks then circa 1.26. I'll be surprised if it gets any higher. I will be using this as an opportunity to scale back into EURUSD shorts for further out. Also keeping an eye on AUDUSD after Jack commentary - will be looking to short circa 77. Have a lekker Greek break - if you are looking for "party hardy" - I went to Ios about 14 years ago and was great for just that. Otherwise Skiathos I've heard is great for chilling.
Actually heading to Santorini. Getting engaged to my Russian lady... Regarding GPB/JPY - I agree. Charts look scary. But I've got a hunch based on what I believe the future strength of GBP is and the realization that China is not going to reval. And at the moment, the trade is up 30 or so pips.