I'm holding onto my longs like a horny teenager girl holding onto a ...... The dips are being bought more aggressively. I think this puppy will pop up and hopefully trend up for rest of the session.
My last long trade ended up saving the day. I ended up keeping it until 12 minutes before the Globex session end and closed it close to the local top. All in all, six total trades, +24 ticks after the comish. I put in lot of work and mental energy for the amount of ticks made. But it was a choppy day and since I'm a trend hunter, overall this is a good performance for me (given the type of the day). Chinook
how many contracts do you trade at a time and if u do not mind telling me who do u do the futures trade with. thks
GWAC: It is really not appropriate to ask that question. That's like asking someone's net worth or penis size! ebo
We have some small chop here. I got chopped once. I'm on the long side and watching crude oil. Crude bounced down little bit from yesterday's highs, now at $48.0. Chinook
Getting in and out of trades. This last dip made things interesting. I'm bleeding about 9-10 ticks half of these are commissions.
Hehe, I got chopped madly after the Leading Indicators numbers. I was short after the number, but got chopped upwards. Then I did some shorts on the way down and am now +4 pips. Quite unnerving, but one just have to jump in there when the action is hot. ... now even the strategic petroleum reserve is being considered to help offset oil delivery problems after the hurricanes. Nice bounce - but I was still typing. edit: just as well to be typing - as the dipper came back again. Recoup of events this morning: [14:27 EUR/USD: Pulls Back As Oil Trades Unwound] Boston, September 23: The mere hint that the US Government is mulling swapping oil with refiners from the SPR is hitting the oil trades like EUR/JPY, taking EUR/USD down with it. The EUR pulled back from the 1.2330 area toward 1.2290 after the news. Oil prices have recovered after the initial drop as the refiners will have to replace the oil they borrow from the reserve. It could help cap prices near-term though, if the government agrees to the swap. 40 days before the election, we suspect they gladly will. [14:11 EUR/USD: Leaders Soft Again, Prompted Modest Bounce] Boston, September 23: US Leading economic indicators continue to trend lower helping give EUR/USD a lift from 1.2305 pullback lows. Central bank offers, both European and Asian are rumored on rallies, starting now as low as 1.2330. The talk reported earlier of the US releasing a small amount of oil from the Strategic Petroleum Reserve to make up for hurricane-related disruptions could take some froth out of the oil market, and help steady the greenback. [14:17 EUR/JPY: Japan Consumption Tax Rumors Add To JPY Weakness] San Francisco, September 23rd: EUR/JPY continues to find support near 136.00 currently with rumors of a rise in Japanese consumption tax a factor that is being cited behind the JPY weakness this week. A government tax panel began discussions on Tuesday on tax reform with the Finance Ministry said to be moving towards abolishing the tax reduction of Y3.3 tln instituted in 1999. This is estimated to add Y290,000 annually to each workers tax burden with a direct impact seen on personal consumption. This would be the first significant tax increase in the post-war period. Coupled with concerns that Japan"s economy is slowing, this is adding to the JPY selling for fears that a tax increase will add to a fresh slowdown in Japan"s economy. EUR/JPY resistance is at 136.50/60 and morning highs, with support at 135.80. [13:52 EUR/JPY: EUR Issuance Maturities May Spark Selling] San Francisco, September 23rd: There is some talk this morning that EUR sovereign issuance maturities could spark selling from Japanese holders of those maturities. The Schatz redemptions are said to be worth EUR12 bln, with total redemptions this week tipped at EUR17.3 bln. EUR/JPY is now at 135.92/96 with the cross easing through the morning. Model funds and hedge funds continue to be linked to the widespread gains on the cross. Some traders are discounting some of the overnight news, including the N. Korean missile test report which some traders heard as early as Monday. This, too, is weighing on USD/JPY. Key support on dips is seen at 135.80. [13:54 EUR/JPY: Rumors Of Cross Buying At The London Fix] San Francisco, September 23rd: Traders are hearing some talk of EUR/JPY buying to be filled at the London fix today, and this could help support the cross on dips. Initial focus however will be the talk of model fund triggers to buy if the cross is above 136.00 at 14:00 GMT. EUR/JPY trades at 135.93 currently. [13:35 USD/JPY: Finds Support Under 110.50] London, September 23: USD/JPY has bounced off the 110.35 level after a UK name drove spot into option strike territory. Option type names have been springing up around these levels, with some defensive bids noted on dips from those accounts that are long of the 110.35 strikes rolling off at 15GMT. This interest is reportedly from some short dated topside interest that was bought last week when USD/JPY struggled to move higher. USD/JPY is looking heavy at these levels though, with some reports of macro fund selling going through. The 110.35 level should hold, but this pair is looking vulnerable with EUR/JPY not too far from big stops reported at 135.85. [13:25 EUR/JPY: Bullish Bias Persists; Oil Prices Weigh On JPY] San Francisco, September 23rd: EUR/JPY remains firm this morning at 136.10 after hitting highs near 136.50 overnight. The high oil prices above $48 continue to be an excuse to sell JPY as did the news overnight that N. Korea may test a missile soon. Model and momentum funds continue to drive the gains and there are reports that more buying is expected on the cross if it is trading above 136.00 at 14:00 GMT. The 137.10 high from August 16th is the current upside target of this move. Oil prices have remained high and this will continue to underpin the bias to sell JPY, though there is talk that the government is considering a release of reserves to offset the high oil prices which in turn could help cap the recent EUR/JPY gains. [13:25 EUR/USD: "Quasi" Central Bank Rumored on 1.2330 Offer] Boston, September 23: Among the offers at 1.2330 is one from a surpa-national central bank (whom often acts as agent for other central banks), dealers report. There is a high degree of dollar bearishness still in the market, but also a good bit of reluctance to buy EUR/USD strength as that has been a losing strategy for many months. Bulls will be emboldened on a break of 1.2350, but exotics are staggered all the way up to 1.2400 and beyond. [13:04 EUR/USD: Corporate Complacency Ebbing] Boston, September 23: The range- bound markets of the last six months have allowed corporate hedgers to sit on their hands, helping limit volume and direction in the markets. That complacency may be coming to an end as oil places a severe drag on the US economy and knocks long-term interest rates lower. Corporate hedging activity appears to be picking up, and threatens to break EUR/USD out of its dull 1.1950/1.2450 range. Swiss names are buying EUR/USD at present, helping keep the pair underpinned above 1.2305. Options-related selling is seen from the 1.2335 area. [12:26 EUR/USD: Consolidating Overnight Gains, Eyes on Bonds] Boston, September 23: Dwindling US bond yields are helping undermine the dollar and give the EUR a leg up. The drag place on the economy by the high price of oil is overshadowing the optimism the Fed expressed at Tuesday"s FOMC meeting. 10-year Treasuries are holding below 4.0% this morning. The topside will not be easy, however, as exotic option triggers are arrayed every 10 pips through from 1.2350 through 1.2400. Initial jobless claims are due out shortly, expected to rise 2k to 335k. [12:50 EUR/USD: Subdued, Small Stops Below 1.2300] Boston, September 23: Quite limited reaction to the bump up in US jobless claims with the market more focused on oil and its impacts on the markets and the economy. Specs are a bit reluctant to buy EUR/USD strength have paid a heavy price for doing so Tuesday afternoon. Corporate buying was said to be the main catalyst for this morning"s rally, not speculators. Small stops are seen below the 1.2300 area on dips but bids return towards 1.2285. Playing 1.2285/1.2340 looks the way to go near-term. [10:18 EUR/USD: One-Way Action Continues Even After FFT Fix Passes] London, September 23: The rumours that [EUR/USD] was being supported but would slip after the Frankfurt fixing have proved unfounded as the one-way action continues even after the passing of the FFT cut off at 10:00 GMT. Having got off to a slow-start the European session now look in full flow and [EUR/USD] is now taking on 1.2220/25 offers as it attempts to push back to 1.2345. At the last test of 1.2345, Asian offers smashed the price lower and there does seem to be a feeling in the market that a bout of profit-taking could be seen if we get up towards those levels. [09:50 USD/JPY: Bids Overwhelmed As Dollar Selling Escalates ] London, September 23: Swiss Name buying of USD/JPY has been overwhelmed by heavy dollar selling interest from US names, driving spot back towards 110.70. The downside in USD/JPY is being well supported by spec demand through EUR/JPY. Some believe that the influence of the large 109.00/111.25 R/R due to expire next Tuesday is severely limiting USD/JPY"s potential to rise and specs are looking to trade EUR/JPY as a proxy. Exporter offers in EUR/JPY at 136.50 have capped the latest leg higher, weighing a little on USD/JPY in the process. Elsewhere, EUR/USD is well supported, with talk of decent interest for EUR relating to the 10GMT Frankfurt fix. [09:45 EUR/USD: Stops At 1.2305 Trip But Follow-Through Remains Light] London, September 23: Stop have been tripped on the move higher at 1.2305 to 1.2315 but with little follow-through being seen at present, the move back to 1.2345 looks on hold for the moment. Intraday we expect a test of 1.2345 offers once 1.2320/25 selling is overcome. [09:02 EUR/USD: UK Buying Finds 1.2300"s But More Sellers To Cap Rise] London, September 23: UK name buying has triggered a move into the 1.2300"s in [EUR/USD] and 1.2310 offers could quickly be gobbled up if the small bull-run continues. Small stops will be found above 1.2315 with further Asian selling likely to be found above 1.2225 if the pair can finish stalling around 1.2300 and continue to ignore overbought levels on the charts.