Could of ended up making 2 whole round trips. But instead I covered my short when it failed to go lower than 100.40 It took another run at mid 100.60 handle and then dipped back yet again. That time I watched as a spectator, but once it came back again bucking the markets weakness I went long on two separate trades, so I am now long at just a tinge under 100.60. Would be nice to put in a higher high while I watch and eat dinner soon. I do not know about a squeeze. The trader who alerted me to the sell side on this spread/trade had already gone all in and his average cost is around 102 so he has allot of room to play with. I don't like this no man's land territory. There will be allot of drifting and price swings. Its easy to miss the majority of the move when you come in late to the party like this and keep trying to pick and re-pick your spots.
Thanks for the input, Delta. I was looking to see some weakness but for all intents and purposes this thing didn't budge. I'm out of the trade now, I agree that it's a difficult place to find direction. Good luck with your long position.
Short 100.025 I think this short has legs. I'll reconsider if we move toward 100.50 edit: I also wanted to go long audusd @ 9165-75 at the same time as I think the aussie has more to move. I didn't put on that trade just because I'm not as comfortable with the aussie - though it would probably be more profitable
Wow quite a swift move from yesterday's outlook on the buy side. Best wishes on that short rroverx. Wish I would have had time late yesterday. Was thinking about stepping in at the mid 99's handle. Oh well. We will chop around today. Next stop 101 or back under 100.
Just getting my feet wet in forex, but I think the dollar is going to resume its uptrend. Long USD/JPY from 100.50, target 105, will scale out of 20% at 50 pips then every 100 pips thereafter, trailing stop 300 pips to weather intraday volatility. (Am actually long from 99.2 and have already begun scaling out, but real time calls only here). Edit: will consider closing if moves below 99.
Time to admit I was wrong (at least for now); out at 98.75. My real trade lost a small amount as I began at 99.2 and had taken partial profits at 100, but the call here did not work at all. Will consider reentry at 101.
So anyone put on any new trades lately? Looks like that short really worked out with a little patience. Gold taking a nice little reversal today while the USD/JPY makes new intraday lows. I am looking to get long here very soon for a scalp and possibly more if I can time it correctly.