Only 361 shopping days b4 xmas......FOREX

I have been short Eur/USD since  I saw that the market was going to open down,  been riding it out ever since.

Buck,

You heard of this place before?

link

Looked around and saw lots of positive comments, those spreads are crazy...

Thats the first ive seen that site Wall...they charge $5 roundtrip so thats like adding half a pip to the spread...i dont worry much about looking for tighter spreads..they get crazy at times but im happy with my broker thus far

Tomorrow is gonna whacky...FOMC and home sales #s...my EUR/USD trade is looking like a long term hold here unless i get some help from data..ive taken my other buy order back si ill just be watching for the fireworks later today

I shouldve waited and shorted GBP after it went back to 6250...was easy to see it coming in the charts..and its one i talked about b4 the week started...

Ive been trying to get a feel for what they think is coming in term of movements off todays data and its a mixed bag at best...just gonna wait and see which way she goes

buck,

You are going to get that second fill I think on the EU..probably not a bad thing.

If they rally the markets off the FOMC then you will be good to go for sure.

USD spike on the FED remarks..general market went down, up, down now back up.

Me thinks they run it here..not what I want of course.

I am fading the movement on USD/JPY for 20 pips

in short @ 90.04

Lets go retracement.

oh,  BTW waited it out , and got out of that EUR trade w/ 10 pips.

Joining you in that trade rick... BOL

Looks like you guys should get your pips anytime now...im waiting for EUR to slip close back toward the low for today and im gonna dip in again....

I watched Matts video and he called for a sale of AUD/NZD the other day...he got stopped out again but had i joined in the trade i wouldve averaged at 100 pips down and got out a few hrs later as it dipped right back to the area he called out for an entry...the pair is getting a cross of the +DI and ADX lines on the daily chart...

Stops are KILLERS...they are why most people get nailed.

That said, stops are important for people trading off gut feels or trying to scalp, since the technicals are non-existant and the potential for getting killed is huge.

A good example is this EU trade you have (I thought you averaged down at 1.412?) it looks terrible, been floating under its MAs for the better part of two weeks give or take..but you will likely work this out just fine..and not have to take the loss in the process.

Wall, what you outlined in the above post is kind of what I am running into on this last USD/JPY short.


Approaching resistance around 90.23
any significant rise above that is going to be a loss for me.

We should be ok Rick.  I'm seeing the major resistance at 90.60 (that's where my stop loss is).  If it break that, then this pair will difficult to gage where it goes.  But I don't think it breaks that level.

Actually, if it breaks that resistance, it might not be a bad idea to go long then, as it could very well test the next major resistance level at 91.85 (at least, that's what the chart is telling me)

glad i waited

That chart looks good honestly..only a few green candlesticks on the 4 hr chart.

My long term view on the Yen is that the USD will pass 100 on it eventually..if we ever start raising rates, watch out..the Japanese economy is in worse shape than ours for sure..

Wall i was going to average in at that level but i wanted to wait after i saw data  coming out..i mentioned this in my post from 2:47am yesterday...

I jumped early but i got a descent price by waiting..i thought it would test upper 39s and it went even lower...looking at a few sites some think lower 38s b4 any type of retrace...im in no hurry ill just take more from it when the time comes...

Rick@Ice i hope the 4hr rejects the cross thats forming or i think we see a test of 90.80...GBP/USD also about to cross on the 4hr..test of 6250 resis is coming...

Yikes, I don't like the sound of that.  You think it's best that I just exit this trade and cut my losses?

Hit my stop loss on USD/JPY.. oh well

Sorry Ice i hit the sack after i averaged just saw your post..i think you would have been ok if you moved your stop up some looks like the stochs are about to cross on the 4hr and the 2hr is getting an ADX +DI cross so it will prob be sinking again here soon...

GBP went above the level i thought...i shoulda jumped in for 20-30 pips...

GL today fellas...see ya later tonight

USD and Yen are getting stronger with the USM tanking....

No worries guys, I ended up going back on a USD/JPY short just before I went to bed, I got back all that I had lost and then some.  You were bang on buck, my SL was just a tad on the low side, should have been 10 pips higher I would have been ok.  So it's all good.

USD/JPY hit while I was at the gym ,  20 pips, 

Definitely a lot of sweat for 20 measly pips.

what did you have your stop set at ice?

My first stop was set a 90.55, which it hit.  Then I re-shorted with a stop at 90.80, and it never touched that level.  Next time, i'll set my stops a little higher (or lower as the case may be) above the support line.  My mistake, but I corrected it.

I'm looking at GBP/USD right now, getting close to support for GBP at 1.6100.  Will be going long.

Those are  some tight stops...

I dont know how you can set a stop that isnt at least a PIP wide, maybe more..just too much gyration and it kills your winning percentages.

If you are in the trade for the right reasons, you gotta let it work a little.

Now if you are in it from a gut feel or some blog recco, well maybe you should be extra careful, but if you are buying as buck does based on confirmation from technical analysis AND a feel for the pair, you gotta let them work a little..

JMHO