Shorted USD?CHF at 1.1173,covered at 1.1162. Does not make up for that siily short I did last night for -35, though.
The USD run-up has been systemic... repatriations, stability ensuring etc... The US election will not provide anything significant for the USD. No new US president except someone like Ron Paul would mean something for the USD beyond some short term hiccup. US financial problems go way beyond one single presidency at this time, in my opinion.
Moved stops to breakeven late last night and a spike to the former support of the upper trendline took me out a couple of hours later. Looks like the trade has followed the general plan...I'm done for the week.
Now I hope finally 135 on EURJPY will be settled in... and a floor for next weeks volatility - but preferably Japan will be reacting. I can't but think they are getting under increased pressure. Europe has a mix of growth prospects - the new members and former Eastern bloc nations have good progress, and this is reassuring - a heterogeneous system which can stimulate various components of Europe in succession - adapt and evolve. The continuous breaks through 135 and towards the depths show that the EURJPY wants to "break free." Fear hopefully sets in towards the end today, as to what Japan will decide on. And the US can't shore up the USD indefinitely... This is certainly a position where a new George Soros or Warren Buffet could emerge -- hehe, but not me with my meagre means. Maybe some Japanese or Chinese tycoon will put some strength into pushing against the USD - it would be interesting. Pure speculation of course, but I see the US as exposing their bare naked chest in this turmoil while supporting the USD. Someone might go for the USD heart - and that is a grave risk in this picture right now. China would be the best equipped. When a threat like this becomes too obvious... it will gather momentum as well. Going for the biggest pain and bang. See "The Shock Doctrine" - but it works both ways of course... it can be used against one. It is slightly amusing to hear cheers and applause for rallies on the Dow after the opening. I guess they are looking forward to the Bush speech and have loaded up on Xanaxes. Oh, and the EURJPY is finally moving - but I don't care - just swamping up the news and sentiments. Thinking and reflecting on the whole system is much slower - but much information is needed to "get the picture." The EURJPY trade was up roughly +200pips now for about â¬+30k.
For anyone doing currency trades - remember that there will be a G7 meeting in the weekend, and then the Japanese markets get a head start... Use very large timeframes for positions. Hehehe
lol, good point! They'll probably widen spreads to 200 pips or something, and then cancel profitable trades....:eek:
Just switched to FXSolutions...but still have some cash in an Oanda account for the interest/demo playing.