Long EUR/USD 100,000 units @ 1.3945 for return to 1.4020. I will NOT take profit at 1.4020, but will set a stop at 1.40 if it passes 1.4020. I hope that's clear...
Dinner is out of the way so now I can think with a clear head. NZD took one hell of a dump after that rate change. So new trades: Long NZD.USD @ 6526, (10 lots)target 6560~6580 (bounce off 3 cent drop since Monday's high) Also short USDCAD @ 1.0746 (10 lots) target 1.065 level (currently at yearly high and possible wave 5 on a daily chart)
Just got a computer and sold my usdcad long. Then I read this thread. Good call on the short......well I guess it will be a good call if it works out.
Risky trying to catch intermediary bottom so soon... but looking good so far; it looks like a moderately anticipating market breaching 1.40. Any scaling strategy?
EURUSD waking just on the edge of and below of 1.3940 it seems set to spike down with some tension surmounting, afterwards which there is a good probability for a relapse shooting up over 1.40 again. Appears like it's looking for some choppiness in my opinion... A good rationale for this is the surprise from OPEC combined with hurricane Ike, latent GSE and Lehman woes; so watch out! Maybe useful to scale timeframes up a little and size down a little... to overcome choppy uncertainty and nervousness. Definitely time for discipline and keeping out the emotions until clear conditions appear for doing EURUSD trading. The lower half of 1.30-1.40 area obviously has a lot of support, so that should be hard fought - even though there is the US presidential election. Therefore I said in the other thread that December this year will be very interesting to see, and very indicative on 1H2009. Consolidated above 1.40 it is trend-wise much more linear in market perception negative/positive and easier to trade, I think. This should affect conditions in other currency pairs moderately as well - the large EURUSD pair influencing them. Well, just opinionating a little, but there are many competing opinions in the market always.
That's the worst thing about threads like this, it's easy to second-guess and get talked out of your own market view by someone else's opinion. A lot of these trades have no stops either :eek: which I personally think is about the craziest way to trade, risk:reward seems skewed on some trades as well (ie a no-stop 87 pip drawdown on a Usd/Cad trade targetting 45 pips!) and I'm not sure mentioning trade size is really relevant as the only significant measures of performance are percentages and ratios as opposed to arbitrary dollar amounts. My advice is.....never follow anyone else's opinion where money is concerned
cabletrader, yes, always true - and good to scale appropriately with those strategies - balancing risk size and timeframes. I do think that if the 1.36 - 1.40 EURUSD area becomes prevalent in trading sessions forward through the US election, then there is a good set-up for establishing and staying above 1.40 for all of 2009 and into 2010.