Tonight have gone long CAD over usd (futures not cash), three cars avg'd in at 8450, which is about midway of the overnight range (thus far) of 100 ticks. Will hold til each falls to 8330/15/8300 flat, or will avg up/double up if and when 8500 reached, same stops, then close at profit 1-2-3 style of 120,130,140 ticks (8570,-80,-90,8670 ) and again at 170 ticks (8670), with tweaking as needed to get off near the zero. Stops are outsized to the reward due to weird beyond belief price action elsewhere. This slightly-less-than-one-to-one reward to risk is too poor to recommend to home gamers. Reason: on this day of grotesque price action in Japanese and other Pacific equities, failure of YEN to push to and thru even its high of recent days suggests, if counterintuitively, that usd will not gain on CAD due to economic weakness and more fall in crude. It may due so longer term, say out to and thru 2009, but not short term, ergo the smash-and-grab aspect of this trade. If all of this reads too prolix for taste, just watch Canadian outperform the US dollar near term, especially or despite price action in other markets, like for crude oil, which oughta lead to contrary result, i.e., CAD loses ground to USD. Putting this in Ivanovich's thread due to his fond memories of CAD.
Morning. Managed to pull some from the overnight short, 73. Was looking for another short entry this a.m. I have a support line around 1.3370. Thought it was rolling over, and entered short at 1.3476, tight stop tripped for -17. More coffee please! Might be looking in the wrong direction.
That's some retracement for EURUSD. Position is currently back at 150 pip profit. Everything is easier in hindsight of course, but the lack of momentum to the upside for days indicated that it would retrace (I was somewhat blinded by my long position). I think it will be range bound some more and test the 3700 level again. If it fails to show momentum to the upside there I might close the position.
Yes, my fond CAD memories - kinda like a kidney stone. And I've not forgotten your PM. I'm just swamped with the little guy.
Got in late on EURJPY at 136.31 but closed +51pips. Seems like there is now a clear way ahead on EURUSD to well above 1.13600 , but it's lingering around that 1.3625-30 still.
Tempting to catch the falling EURJPY again - but I'll abstain from bottom fishing today, and wait for stronger signals. Below 136 it is pretty safe - but that goes more for the 134 to 136 stretch than 136 to 137 or 138 right now. Seems like yet another volatile start of US RTH coming up. In around 4-5 hours some other struggle will probably start again, in the meantime - volatility unless there are some real incentives or substantial news. Long EURUSD from 1.3482 ... maybe +50 pips target, just watching a possible bounce. Will hold it into the US RTH a little - see if it goes somewhere - it the entry was ok. Stopped at -25pips. EURJPY gets more interesting again... but it's a falling knife still.
I'd like to go short, but I see the EURUSD testing .3530 levels again. I won't be here to catch any reversals. Short term floor at .3480 I went long, at .3487, stop was too tight, -10, out.