LOL, I am glad I am sitting mostly away from the computer right now - watching more news and acting little... Today is absolute capitulation day. Next week will have some volatility - but this is just pure mayhem into the weekend. Purging everything it seems. Some will be a little late next week, after a troubling weekend - but this is total capitulation. In 10 hours - the EURJPY has dropped 1000pips ... wow.
I see you're still feeling miffed that many traders can actually trade this market profitably, get over it, it's happening! No need to feel inadequate though, like I've said to you before it's just a case of different strokes, no big deal lol, some of us will actually be getting drunk and celebrating what a great week we've had in all this volatility!
Gosh, we actually agree on something! ".....what I am experiencing here in the past week is no different of what I have experienced in '97/'98....." ".....the magnitude of this current carnage in the market should not really surprise anybody....." ~ <object width="425" height="350"> <param name="movie" value="http://www.youtube.com/v/_UvmHV4XN7Q"> </param> <embed src="http://www.youtube.com/v/_UvmHV4XN7Q" type="application/x-shockwave-flash" width="425" height="350"> </embed> </object>
Hehe, I have made â¬250k from scalping since October 6... so it's not like I can't trade, or haven't been doing ok. But that huge â¬100k drawdown for me was a real wakeup call - when I tripled the scalp, so sure was I that I had it right - and then the market reversed on me. I can excuse myself by saying I did the position (not a scalp, I went to bed letting it go on "autopilot") just before going to sleep, and being very drowsy - but I still made it, even though I was reasoning against it. That was a typical case of "I know better than the markets", and that mistake told me I had gotten slightly out of sync with the markets... If I got drunk here now - the women would be getting the "best" of me, I fear...
Holy, holy shit ... Japanese investors are REALLY throwing in the towel right now. 114 on EURJPY and 91 on USDJPY!!! That is just perverse... IFR markets went short on 95.15 USDJPY and have a target of 89.20 - they talk about "support" there, but I frankly think it is very risky. They have a nice profit at a stall here, and they have gotten a few hundred pips drawdowns in earlier trades - although they have tighter stops now. They also have hundreds of pips in losses on some other trades... I find their advice close to gambling right now.
Vice finance minister Sumimoto now also chiming in on the "undesirable forex volatility." That is why we are seeing more activity into the Yen trading right now. BUT - remember that there will probably be huge repatriation when the first few hours of US RTH commence as well. Probably some pre-emption of that move before it happens too... It will no doubt be more volatility. I will be surprised if there is only a 150-200pip bounce on this rhetoric - but the coming repatriation will undoubtedly weigh on minds too. US futures have been repeatedly frozen during this Friday, and they are more than -6% down... I wonder which Yen pair will be hit worst. The delevering from Europe means 2:1 USD buys over the Euro, while the Yen has some to go still I think when repatriations from the US and maybe carry trades are unrolled. Maybe we will see the largest ever points drawdown on the DJIA today, it certainly is the right day for it.
This is almost too rich. The margin for error is very high. Almost have to select points with a big scale in for that margin of error.