Today is a good example of a common difficult situation in trading. Had I stayed in my original long Yen (short USD/JPY) position from the other day, I would have made some good money. Unfortunately this wasn't the case. Have to remember that it can be very expensive to wait to be proven right. When this happens, I just try to remind myself that I made a good risk management decision and that another good trade is around the corner. Always a kick in the nuts to see a trade turn around right after you close it out with a loss, but life is such, and such is life.
Good work on the EUR, too bad on the USD/JPY. How long do you plan to hold on that EUR? Looks like we just broke the 1.55 mark...crazy. Will you look to get short on the USD/JPY anytime soon? I got short just above 102.5, we broke it and I'm hoping to get an hourly confirmation of such. Keep us posted and good luck man.
Thanks on the EUR, so far so good. I just realized I would have been banking on the GBP too had I not closed it out. LOL Oh well. Not sure right now about the Yen, I will look into it tonight....
Okay so far I closed out the Euro trade. Very nice profit. Right now the Bullish Consensus is at 93. This is extremely high. It wouldn't take much for short term momentum to turn back down. I am standing aside for the time being. The Canuck Buck hasn't gone anywhere from my entry price. Bias still to the long side (short USD/CAD) but nothing major. BC is at 69, which is still indicating plenty of room to grow. Plenty of buyers left, if they choose to be buying, of course. lol Keeping this trade on a tight leash. I'm going long the Pound with a fairly tight stop. Things are looking up right now for the GBP, but who really knows in this market.... Nothing else catches me eye at this time.
Good job on the EUR pips. Hope you don't mind me posting...but this is what I'm seeing on the USD/CAD. 1hr charting... It definitely looks ready for a break out. Is this what you're looking to play?
Hey no I don't mind you posting charts. Thanks for the comments. Apparently that situation is taking place, as you have displayed...but that is not the basis of my trade. The CAD trade is not in a strong long term trend, but the intermediate and short term trends look like they may kick up soon. I am also playing off the Bullish Consensus as well as the COT data as a background. This is not one of the strongest cases for a trade, but it meets my qualifications. It's on a tight leash.
Very well, it definitely looks like it has room to move downwards...it will be interesting to watch over the next couple of days.
Okay, looks like GBP had a decent move, but came right back down to break even. I scaled out 1/3 of the positon to lessen the risk, as this isn't the best of signs. Overall picture still looks good for longs, but hey, you never know. CAD has been doing alright so far. Really watching the Pound for signs of it getting ready to take a crap.