David, I really don't understand why you are stacking your losses on the USDJPY position. Do you not see the rising trendline? Even a moving average system would tell you that USDJPY is trending up. I am long USDCHF from 1.2788 to 1.2930. I have been stacking my gains since last Wednesday morning. Remember, the trend is your friend.
Hi deptrai, thank you for sharing your view with me. I have been trading for many years now that I have seen the history repeating time and time again. WHat do you want me to tell you? Your affirmation is quite obvious and I clearly see that the yen is above 118 and in an uptrend and bla bla bla .... my trading strategy favours the position I am in and until I have a different position for that particular pair, I will stick to it. My strategy may be in accordance with your own positions or not, but that's how trading goes, everyone has his own view and allviews have to be respected, you agree with them or not ... e.g., I did not buy tech stocks in 2001 and a lot of people did and told me to buy because they were cheap ... The trend is your friend? LOL .... did you guess the 0.82 - 1.36 trend in euro? did you ride it all? did you guess the 1.65-1.15 downtrend on cad? did you ride it all? come on ... let's be serious ... now you are right with your positions, earning a lot of money going long the USD ... so ..? I am struggling with my bear strategy at the moment, and I can close it at a loss ... so...? Let's see how it goes in coming days, then if you want, let's chat again ... PS: <b>I shorted gbp/jpy @ 207.70, closed at 207 for +70 net gain.</b> This is a way to increase my effective entry price on my usd/jpy strategy and I will keep doing that with both eur/jpy and gbp/jpy if I can for the time being to get out dry of this. Pity I had no more bullets (only 1 extra is allowed for getting more effective entry cost using another correlated pair, but I never use 2), because eur/jpy would have added +100 or so to the balance, anyway 70 is not bad. David
Hi everyone, not much more to add, not more than my yen portfolio at the moment, so sticking to it. Being a little wild, but we shall see how it ends. Average entry price around 116 now. PS: Cad/Jpy offers great risk/reward short from here adding in the 100's for a 96/93 target. David
Hi everyone, Short Usd/jpy still the market in my portfolio at the moment with average entry around 116. Anyway, now I have some propsective signals in other markets so I will maybe have more action soon. Tomorrow is another day. Surely a better one. David
Hi everyone, keeping the usd/jpy shorts @ 116 as my portfolio position at the moment. After all, it is only 1 week left for the so-expected China-US top-level meeting, and so I will stick to the trade for now. Some interesting market moves could follow in the next 2-3 days, and so I am ready to start new fresh portfolio trades if I have the triggering signal. I am talking of the 4 majors, which I am carefully monitoring at the moment. I'll keep you all posted of what I do.. David.
david is "Fenton Advisors" a CTA ? do you manage OPM ? is it audited ? have you considered asking ET for rates on becoming a sponsor here ? good luck seth
Hi, no, Ferton Advisors is not a CTA; accounts are managed under a LPOA, where the account remains all the time in investor's full control, and it is only traded on his behalf. About sponsoring, I can tell you that I'll think about it, looks good and this is a great site to do so. Hope that helps. David PS: I'll be back later with update on the forex markets, sorry for late reply, been busy these days, but managing to get time to be in touch with the forum
Hi everyone, still enjoying the usd/jpy fight, but in the meantime I managed to <b>sell gbp/jpy yesterday at 206.91, out at +55</b>, and so my effective cost for my usd/jpy trade portfolio is now at 116.71. Once the correction takes place, I will square either flat or I would attempt for a tiny profit, but the fact is that this yen situation is not preventing me from getting good trades in other jpy crosses that are helping to get out dry of this situation. In the currency forums I will post my market view later today, be welcome and feel free to post your feedback. Happy trading to everyone. Tomorrow is another day. Surely a better one. David
Hi everyone, in my effort to increase my effective cost in the usd/jpy-crusade portfolio I did the following: * Sell cad/jpy @ 100.28, stop 102.98, target 93.75. I have 2 bullets left for this pair should I need them at some stage. As for the usd/jpy situation, things are unchanged, as so this particular market has been. Happy trading to everyone. David
hi David - interesting journal - what is a "bullet"? (not sure if it's an "ignorant" question, but i have not heard this term before...) it seems you have a core position and then trade around it - would you be able to describe your strategy a bit, at least in general terms - thanks very much in advance and all the best with your trading. i am sure you have seen over the weekend - one of the headlines from bloomberg Yen May Decline After Koizumi Urges Bank of Japan to Delay Rate Increase of course as you said in one of your posts, the market will do whatever it has to do, regardless of the news - indeed the yen is looking quite overextended to the downside, so perhaps just when they come out with some more doom and gloom news and all are talking more downside, then it's gonna bounce...and you will be able to improve on your trade - we'll see how this resolves, all the best.