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Thanksgiving phenomenon or not ?

  • Post #1
  • Quote
  • First Post: Nov 24, 2006 4:18am Nov 24, 2006 4:18am
From Reuters...

Quote
"The data is coming out stronger in the euro zone," said
Mansoor Mohi-Uddin, currency strategist at UBS. "The U.S. data
is on the weak side and if it cracks the Fed might need to cut
interest rates."
Ian Gunner, head of foreign exchange research at Mellon
Bank, said: "For the time being the news flow is favouring the
euro, if we close above $1.30 today the key will be if we reject
all of this as a Thanksgiving phenomenon or not."

Your opinions ?
USD is THANKING GBP, EUR and JPY by GIVING a lot of pips away!

Did you know that 80% of EURUSD positions are "short"?
According to contrarian statistics; the more short positions there are, long will dominate the move! No more short money is coming in as they are already there. So we saw the recent up move.
Quoting BurgerKing
USD is THANKING GBP, EUR and JPY by GIVING a lot of pips away!

Did you know that 80% of EURUSD positions are "short"?
According to contrarian statistics; the more short positions there are, long will dominate the move! No more short money is coming in as they are already there. So we saw the recent up move.






The Dollar came under preassure while Americans have been busy eating turkeys.


I look for opportunities to re-enter euro long positions in the event the EURUSD goes back to 1.28 or breaks above 1.30. This is in line with a forecast of a rise to 1.34 in the next 2 or 3 months.
Trader Psychology teaches me to be humble and accept losses. So I closed my GBPUSD shorts and USDJPY Longs for some losses - DARN! the recent 170 upmove was painful!

I have learned also from my first trading months NOT to trade against my loosing positions. At those instances, a looser is definitely pissed and will make bad judgements one after another. So I am stepping aside.

However, I am still huge in profit for this month.
Quoting BurgerKing
Trader Psychology teaches me to be humble and accept losses. So I closed my GBPUSD shorts and USDJPY Longs for some losses - DARN! the recent 170 upmove was painful!

I have learned also from my first trading months NOT to trade against my loosing positions. At those instances, a looser is definitely pissed and will make bad judgements one after another. So I am stepping aside.

However, I am still huge in profit for this month.
Take a bear, chill out
Quoting BurgerKing
Trader Psychology teaches me to be humble and accept losses. So I closed my GBPUSD shorts and USDJPY Longs for some losses - DARN! the recent 170 upmove was painful!

I have learned also from my first trading months NOT to trade against my loosing positions. At those instances, a looser is definitely pissed and will make bad judgements one after another. So I am stepping aside.

However, I am still huge in profit for this month.
I agree with your Trading Psy... But for sure a movement like that should have a retracement.... 1.30/1.29/1.28 perhaps before the last big bang of this year... The holiday return for US people should have an impact on monday...
Quoting BurgerKing
USD is THANKING GBP, EUR and JPY by GIVING a lot of pips away!

Did you know that 80% of EURUSD positions are "short"?
According to contrarian statistics; the more short positions there are, long will dominate the move! No more short money is coming in as they are already there. So we saw the recent up move.
Yes, I agree.
If 80% position were short then a little bull news can move price to north quickly. Why? according to my opinion, there are a huge panic traders closed their position which added power for price going up.

This is the art of trading!
Quoting BurgerKing
Trader Psychology teaches me to be humble and accept losses. So I closed my GBPUSD shorts and USDJPY Longs for some losses - DARN! the recent 170 upmove was painful!

I have learned also from my first trading months NOT to trade against my loosing positions. At those instances, a looser is definitely pissed and will make bad judgements one after another. So I am stepping aside.

However, I am still huge in profit for this month.

I was not in a trade when the move happened.
But you can be sure you were not the only one to take a loss; if 80 per cent of traders were short gbp and euro, they could not have sustained that 300 pip move in gbp alone in last couple of days. So there could be massive losses around.
Quoting BurgerKing
Trader Psychology teaches me to be humble and accept losses. So I closed my GBPUSD shorts and USDJPY Longs for some losses - DARN! the recent 170 upmove was painful!

I have learned also from my first trading months NOT to trade against my loosing positions. At those instances, a looser is definitely pissed and will make bad judgements one after another. So I am stepping aside.

However, I am still huge in profit for this month.
god..i wish i had learned to do that sooner!
welcome to the world of forex! Don't blink you might miss something.
If I Go Broke Trying Then I Will die happy.
Quoting Moe
welcome to the world of forex! Don't blink you might miss something.
During london morning sessions, I am away fetching my daughter from school nowadays. So I always miss such nice moves.

This is why NEWS TRADING is the 95% profit maker for me.
i think it will stay that range or above till end of the yr? possible?
Quoting BurgerKing
During london morning sessions, I am away fetching my daughter from school nowadays. So I always miss such nice moves.

This is why NEWS TRADING is the 95% profit maker for me.
this is where i make all of my money. lets see what next week bring.
If I Go Broke Trying Then I Will die happy.
I had a limit order for north or nov. 23 high but I only took out 10 pips from this move ... didn't think something like this can happen over night....
bah it didnt go beyond highs/lows maybe in half hour or so.... what do u guys think, i think we have some steam left
Ghost Swoopen in for my pips while no one is lookin !!
Quoting Ghostpipper
bah it didnt go beyond highs/lows maybe in half hour or so.... what do u guys think, i think we have some steam left
Yes... some rest of turkeys steam...
haha
Quoting Ghostpipper
bah it didnt go beyond highs/lows maybe in half hour or so.... what do u guys think, i think we have some steam left
here comes da steam Toot Tooooooooooot !!!!!!!!!!!!!!!!! watch out $ shorts !!!!!
Ghost Swoopen in for my pips while no one is lookin !!
Guys, not to toot my own horn or anything but check out my thread...let me know what you think.
  • Post #20
  • Quote
  • Last Post: Nov 24, 2006 1:13pm Nov 24, 2006 1:13pm
Hey moe...which sources do you rely on for news and what is your strategy for trading the news? Do you use a straddle?

thanks.
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