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Cable Update (GBPUSD)

  • #8,301
  • Mar 14, 2007 11:30am Mar 14, 2007 11:30am
Quoting leelee75k
thank god for only 2 directions...but has anyone here ever went both long and short on the same currency? someone told me that he uses that as his trading strategy, taking profit and adding positions, but it seems confusing and pointless to me to hedge yourself in the same currency.
Doing that you freeze losses. For example, you could long and short at 9300 y'day. Tp the short at 9220 and TP the long now, without a massive loss... (depends on whether or not your broker allows it. One of mine does)

I've done that but for short periods of indecision...
  • #8,302
  • Mar 14, 2007 11:32am Mar 14, 2007 11:32am
Quoting cesarnc
Doing that you freeze losses. For example, you could long and short at 9300 y'day. Tp the short at 9220 and TP the long now, without a massive loss... (depends on whether or not your broker allows it. One of mine does)

I've done that but for short periods of indecision...
That's dangerous if we're in trending market. Price won't go back to fetch one of positions lol.
Tra-X
  • #8,303
  • Mar 14, 2007 11:34am Mar 14, 2007 11:34am
An acceleration of the Dow's losses has seen the Jpy head higher again, sending [USD/JPY] back towards the 116.00 figure. Note that Japanese importers were bidders at both 116.00 and below in the Asian session, and are reported to have further bids in place at 115.50 and 60, with other (unspecified) names having bids at 115.70 and 80. The 115.00 level is under close scrutiny, both for its psychological significance and the fact that it marks an important tech level on weekly candlestick charts. Wealth manager accounts in particular are reported to be watching this level closely

More down move is coming up ... NYSE just broke 12,000...

Sorry for flooding the thread. Way too many things going on simultaneously and I like to share / read your thoughts...
  • #8,304
  • Mar 14, 2007 11:35am Mar 14, 2007 11:35am
Quoting Traex
That's dangerous if we're in trending market. Price won't go back to fetch one of positions lol.
Sorry, you got it. It serves for ranging market only, better with a narrow range / indecision, like we have here for days....
  • #8,305
  • Mar 14, 2007 11:41am Mar 14, 2007 11:41am
thanks for the response, I guess I can see the benefits in one aspect, but i think it's kind of dangerous. I rather pick a side whether it's wrong or right, and stick to my limits and stops.

btw, I'm only looking for 20-30 pips on the Euro short, then I want to go long, I think tomorrows US data could see the test of 13260 and higher.
  • #8,306
  • Mar 14, 2007 11:45am Mar 14, 2007 11:45am
Quoting leelee75k
thanks for the response, I guess I can see the benefits in one aspect, but i think it's kind of dangerous. I rather pick a side whether it's wrong or right, and stick to my limits and stops.

btw, I'm only looking for 20-30 pips on the Euro short, then I want to go long, I think tomorrows US data could see the test of 13260 and higher.
Same here TP 3220 / 3200 and out. Don't know if I'll go long afterwards.

Stocks falling fast again may trigger more carry unwinding and EURUSD stalls when this happens... Better get confirmation for carries and ride them down the road. (I'm looking for UJ breaking below 116.0)
  • #8,307
  • Mar 14, 2007 11:52am Mar 14, 2007 11:52am
Quoting cesarnc
Same here TP 3220 / 3200 and out. Don't know if I'll go long afterwards.

Stocks falling fast again may trigger more carry unwinding and EURUSD stalls when this happens... Better get confirmation for carries and ride them down the road. (I'm looking for UJ breaking below 116.0)
I think you know what this means. EUR/USD is on track to become strongest currency in the world? Is that true?
Tra-X
  • #8,308
  • Mar 14, 2007 12:01pm Mar 14, 2007 12:01pm
Quoting Traex
I think you know what this means. EUR/USD is on track to become strongest currency in the world? Is that true?
Well, I never give it a thought actually. Just noticed that once when shorting Cable and Euro during carry unwinding and then making profits with Cable while loosing wuth Euro soaring in the opposite direction. From then on I realized that EU doesn't move much, EJ drops pulled by Yen and as the ultimate result EURGBP soar big time...

But never thought about underlying reasons...
  • #8,309
  • Mar 14, 2007 12:07pm Mar 14, 2007 12:07pm
The Euro could be on its way to becoming the strongest world currency. It might take another war to start a breakout, but with all the news of foreign banks and investors and countries dumping dollar and picking up euro, i think the progression or evolution is bound to happen
  • #8,310
  • Mar 14, 2007 12:08pm Mar 14, 2007 12:08pm
Quoting Traex
I think you know what this means. EUR/USD is on track to become strongest currency in the world? Is that true?
Indirectly maybe, but only because many others are weakening.

Just what the eurozone needs. Make their products even less competitive with everyone else.
  • #8,311
  • Mar 14, 2007 12:18pm Mar 14, 2007 12:18pm
Dumped my euro positions for small profit... Now short UJ (too much talk on 115.5 / 115.0) and GJ (going along)
  • #8,312
  • Mar 14, 2007 12:26pm Mar 14, 2007 12:26pm
Quoting cesarnc
Dumped my euro positions for small profit... Now short UJ (too much talk on 115.5 / 115.0) and GJ (going along)
I had done the same thing but no sooner did I short UJ and GJ but they turned up. I will just sit and wait for them to turn around again. I hate it when this happens. It almost feels as though they were just waiting for me to get in before going the other way.
  • #8,313
  • Mar 14, 2007 12:32pm Mar 14, 2007 12:32pm
Its offtopic, but which currency would be the safest if the dollar crashes and a global economic crisis is going on? Swissy maybe? Beside of Gold I think, buts not a currency. Because currencies are traded against each other I assume that someone must be a winner of this hypothetical crisis. And Euro would go down too, we are too affiliated with the US nowadays.
  • #8,314
  • Mar 14, 2007 12:32pm Mar 14, 2007 12:32pm
Quoting moonchild
I had done the same thing but no sooner did I short UJ and GJ but they turned up. I will just sit and wait for them to turn around again. I hate it when this happens. It almost feels as though they were just waiting for me to get in before going the other way.
hehehe just happened with me.... shorted UJ again at 116.6... This move didn't spread across... seemed like a USDJPY buyout for some reason... Market in thin liquidity + nerves in collapse exaggerate every move...

Still watching.
  • #8,315
  • Mar 14, 2007 12:34pm Mar 14, 2007 12:34pm
Quoting katzenhai2
Its offtopic, but which currency would be the safest if the dollar crashes and a world crisis is going on? Swissy maybe? Beside of Gold I think, buts not a currency.
CHF has always been considered a safe haven, so it is probably a good idea. As to what other currency might be a good idea, it might depend on the nature of the crisis and what countries are involved.
  • #8,316
  • Mar 14, 2007 12:35pm Mar 14, 2007 12:35pm
I think all the currencies will be hit big time by a major dollar crash, so probably actual gold bullions would be a good investment.

btw I'm out of Euro got my 3218 limit on both positions
also out of GBP shorted in 9360's for small profits, only holding 4 positions now moved stop to 9370. I don't like the fact that GBP is taking a breather and just sitting there
  • #8,317
  • Mar 14, 2007 12:37pm Mar 14, 2007 12:37pm
Quoting katzenhai2
Its offtopic, but which currency would be the safest if the dollar crashes and a global economic crisis is going on? Swissy maybe? Beside of Gold I think, buts not a currency. Because currencies are traded against each other I assume that someone must be a winner of this hypothetical crisis. And Euro would go down too, we are too affiliated with the US nowadays.
Forget everything about forex trading. You might even have to think how to make money for your bowl of rice. That's world crisis!
Tra-X
  • #8,318
  • Mar 14, 2007 12:46pm Mar 14, 2007 12:46pm
Quote
You might even have to think how to make money for your bowl of rice.
Seems it depends on how much swissy or gold I have.
(real gold or swissy, not virtual money on a brokers account)
  • #8,319
  • Mar 14, 2007 1:00pm Mar 14, 2007 1:00pm
Quoting Traex
Forget everything about forex trading. You might even have to think how to make money for your bowl of rice. That's world crisis!
Actually in a REAL world crisis it may not be a matter of currencies or even of gold. You cannot eat gold or use it to provide shelter. You may need to consider how good you are at living off the land and at bartering. Do you have necessary skills which you can barter for the necessities of life? Can you produce/provide the necessities of life?
  • #8,320
  • Mar 14, 2007 1:07pm Mar 14, 2007 1:07pm
Quoting moonchild
Actually in a REAL world crisis it may not be a matter of currencies or even of gold. You cannot eat gold or use it to provide shelter. You may need to consider how good you are at living off the land and at bartering. Do you have necessary skills which you can barter for the necessities of life? Can you produce/provide the necessities of life?
Are we talking "crisis" or a nuclear holocaust here?
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