Here's what's nice about OANDA, there were no gaps. Just a big fat green candle. Thanks G7, it's time to long up again ahead of BOJ, folks. I just noticed that BOE minutes come out 10 hours before the BOJ rate decision next week. BOJ sucks because they don't have a specifically timed announcement, however. They just do it whenever they're ready, within a few hours...
I don't know if the so-called gap will close or not. It's a myth that they always close, lots of times they don't. I was out over the weekend so I'm just looking for a good price to go long right now, but remember the old saying, don't be a dick for a tick... I might just get long now that spreads are back to normal and not worry about the extra 10 or 20 pips. I'm looking to make 200.
If this stuff keeps up we need to be wary of various central banks contemplating intervention in the weak Yen, though. Maintain trailing stops, wide enough to keep you from getting stopped out but tight enough to protect profits. Eurozone is pretty pissed about this Yen deal, it's making Hondas cheap and Volkswagens expensive...
"The time to act is when others show signs of tire." --W.D. Gann
You need to go long since G7 basically gave the green light to market determined prices on this over the weekend. Reason being, they can't very well tell China to stop manipulating the price of Yuan and then turn around and tell Japan to intervene in the price of Yen. The technicals are all there for a long, as well. Show some balls and take a trade!
"The time to act is when others show signs of tire." --W.D. Gann
I certainly agree that the technicals are in favour of a long here, particularly for the medium term (1H and 4H charts).
What I am less reassured by is the fact that it is logical, given the fundamental situation, to long the carry trade pairs. I am just not convinced that the market always acts in a sane, sensible, rational or logical fashion.
I should add that I have what is, for me, a huge long position.
So the econ calendar has us looking to a BOJ rate decision 2/21, plus BOE minutes from the last meeting so we can get a feel for the unanimity of the vote this time on a rate hold. The bankers will look at some shorter term runs this week, but we have UK inflation on 2/14, plus Eurozone GDP numbers on Tuesday, which, believe it or not, might be a problem. The technicals are good right now, I'm long and staying that way. Japanese GDP comes out 2/14 as well, so we have a big news week. I'll be holding it long as far as my techs tell me, I'm not taking shorts, and we'll see how it comes out in the wash. I'm starting out the week long with a large percentage of my account, large to me being 10 to 1 real leverage. That's as high as I go. I'm going to put on trailing stops of like 50 pips once it's over 50 in profit, however...
"The time to act is when others show signs of tire." --W.D. Gann
So the econ calendar has us looking to a BOJ rate decision 2/21, plus BOE minutes from the last meeting so we can get a feel for the unanimity of the vote this time on a rate hold. The bankers will look at some shorter term runs this week, but we have UK inflation on 2/14, plus Eurozone GDP numbers on Tuesday, which, believe it or not, might be a problem. The technicals are good right now, I'm long and staying that way. Japanese GDP comes out 2/14 as well, so we have a big news week. I'll be holding it long as far as my techs tell me, I'm not taking shorts, and we'll see how it comes out in the wash. I'm starting out the week long with a large percentage of my account, large to me being 10 to 1 real leverage. That's as high as I go. I'm going to put on trailing stops of like 50 pips once it's over 50 in profit, however...
Ignored
Duke,
I'm with you. Unfortunately, I didn't get in quite where I wanted to, but I am long at 238.3x and staying that way. My technicals tell me that 240-241 is possible and I'm willing to hold the drawdown to get there.
Dude, I buy it when it looks good, and I get out when it looks bad. You need to use your own techs to figure that out. I bought right now because of G7, interest rate differential, and my own techs, combined. I think it will go up this week. That's my opinion. Learn a lot and come up with your own opinion.
I will probably make money on longs this week. I am not a guru, nor a price-setter. When it starts going down, whenever that may be, I'll close my longs. I don't know, nor could I, when that will happen or at what price. People who try to set prices are usually wrong and usually full of shit.
I just try to figure out what I ought to do at a certain time, and then have the balls to do it...
"The time to act is when others show signs of tire." --W.D. Gann
Why are there so many people out there looking to somebody else to tell them at what price to buy, at what price to set a stop, etc.? This kind of thing is ridiculous. I deal in generalities because I assume that everyone else is competent to assess the basic technical situation on their own and use their own tools to determine where they are comfortable setting their own risk level and target. It's not up to me to tell you what is best for you. If that's what you want, see a therapist, don't come to a forum on foreign exchange...
"The time to act is when others show signs of tire." --W.D. Gann
Why are there so many people out there looking to somebody else to tell them at what price to buy, at what price to set a stop, etc.? This kind of thing is ridiculous. I deal in generalities because I assume that everyone else is competent to assess the basic technical situation on their own and use their own tools to determine where they are comfortable setting their own risk level and target. It's not up to me to tell you what is best for you. If that's what you want, see a therapist, don't come to a forum on foreign exchange...
Ignored
Duke,
You are correct. Keep posting your OPINIONS and ignore those that are wanting you to trade for them.
Ususally people either have not learned to trade yet or they do not want to accept responsibilty for their looses.
I do not know everything, so I enjoy others educated/experienced opinions, but I learned along time ago not to put my money on others opinions.
Keep up the good work.
Stan
duke,your comment is ridiculous,so don t worry because i do not ask you again about your price enter.I see here a lot of post about the price enter.Your price enter couldn be my price enter.
Thanks, Stan, but don't put me on a pedestal. I'm just some schmuck who rolls around in motor oil on the floor all day. I know, however, that JPY will weaken this week based on my own analysis.
There are people on this forum who don't even have their own analysis, and if you don't have your own analysis, you need to quit trading until you do.
My analysis is wrong sometimes, but it's right enough of the time to make me up to 22% per month, so I'll be wrong in spite of being right...
If I keep this up I will not be doing anything but trading for a living soon...
"The time to act is when others show signs of tire." --W.D. Gann
