Yeah, I'm right with you on being bear USD and I believe the GBP will continue upwards longer term. Looking at the daily and seeing where it was just a few months ago...and now with the USD taking hit after hit, more cuts coming, etc...it's the place to be IMO. And it looks like you got an OK fill on Thursday. I'll be interested to see what happends over the next few hours with the London open and US following right behind. We shall see!
So far seem to be going nowhere on the Pound. Yen is doing alright. Between my two postions (One on Thursday night, and the most recent one) on the Pound, I am about break-even right now. Will look at everything a little later this evening to see if I should contemplate decreasing my position, or maybe even closing the whole thing. Might just step aside for a little while to see if the picture will clear up. More to come.
GBP and Yen put me in the hurt locker. LOL I got bitch slapped hard by the Pound and Yen, so I went flat. I still think there is potential in my original outlook, but it can get very expensive to sit around waiting to be proven "right", especially in this kind of market. So I am out for now, and will re-evaluate tonight to see if I want to get back in.
Let us know what you think about the dollar. BTW: You display a maturity quite beyond that of the avg 26 yo.
Thanks Pabst, I appreciate the compliment. It means a lot coming from you. I will definitely post my thoughts on the USD tonight once I get all my info together.
Okay, my status is currently flat going into this. Got my ass kicked by the Pound and Yen, which I assume has something to do with the $200 billion thing from the Fed. Doesn't really matter to me though, as the bottom line is I had two losers. Good news is they got cut before they got too ugly. I am looking at the DX and while the long term trend is down it seems like short term and intermediate term are turning up. This may not necessarily signal a reversal, but I think it may cause a little choppiness, and perhaps even give the USD a few days worth of up moves. Looking at the Yen, it looks like an almost perfect mirror image of the DX. This makes me almost feel like shorting the Yen, although this would be pretty risky seeing as how this would be right in the face of a strong uptrend. As long as I don't see any strong up moves in Yen, I will probably become increasing bearish over the next few days. As tempting as it is to take a short in Yen right now, I am going to sit this one out, as I am not fully convinced this big spike down is really going to do a whole lot for the USD long term. I am sitting on the sidelines in the Pound for now. I am considering going long the Euro, since there seems to be some resistance around the 152 level or so over the past few days, as well as good chance that short term momentum will be turning up soon. Another trade I like is long on the C Dollar. I am going to take a small position on it tonight and keep it on a tight leash. I plan on taking a long position in the Euro as well. I feel like this may not be the smartest move as it's in the face of a 90+% consensus which is ripe for a correction, but all my other signs point to a long in Euro, so sometimes you just have to take the trade even if it's a little "illogical". Best remedy for this is to keep positions small. It really sucks to have to trade small, as I did very well in December and the beginning of January, and it makes me get anxious to make more money...but I just have to remember, as a wise trader once said- "Given the choice, it's better to be less rich than poor". So I am looking at going long in the Loonie and the Euro.
Okay here's an update. I am long in Euro and I am set to buy the Loonie if price exceed 100.6. Both will have fairly tight leashes.
So far, Euro is up around 130 pips, My order was hit on the C Dollar, so I'm in, but it hasn't gone anywhere.