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  • #90,621
  • Apr 29, 2009 12:31pm Apr 29, 2009 12:31pm
Hi guys,

I'm stuck in a short EUR/USD at 3063 since yesterday. I left it running overnight and woke up to a big suprise of 32xx. Not sure what to do at this point...Should i close it and accept my losses before FOMC or should i let it run and hope that the FOMC outcome will be good? Any advice will be appreciated. Thanks.
  • #90,622
  • Apr 29, 2009 12:34pm Apr 29, 2009 12:34pm
Quoting BlueSky07
Hi guys,

I'm stuck in a short EUR/USD at 3063 since yesterday. I left it running overnight and woke up to a big suprise of 32xx. Not sure what to do at this point...Should i close it and accept my losses before FOMC or should i let it run and hope that the FOMC outcome will be good? Any advice will be appreciated. Thanks.

Put a stoploss above where we are now. That way if news brings a spike you'll lose less. If news brings a drop, you can recover some.

That's what I'd do. You just have to figure out where to put the SL, and that will depend on the amount you have invested...
  • #90,623
  • Apr 29, 2009 12:36pm Apr 29, 2009 12:36pm
Quoting BlueSky07
Hi guys,

I'm stuck in a short EUR/USD at 3063 since yesterday. I left it running overnight and woke up to a big suprise of 32xx. Not sure what to do at this point...Should i close it and accept my losses before FOMC or should i let it run and hope that the FOMC outcome will be good? Any advice will be appreciated. Thanks.
Atleast the 4-5th post I have seen today people saying they are short and down 200-300 pips... WOW?? Stop loss??

News is a toss up.... may as well flip a coin on it (IMHO)
Designer by day Trader by night.
  • #90,624
  • Apr 29, 2009 12:38pm Apr 29, 2009 12:38pm
Quoting BlueSky07
Hi guys,

I'm stuck in a short EUR/USD at 3063 since yesterday. I left it running overnight and woke up to a big suprise of 32xx. Not sure what to do at this point...Should i close it and accept my losses before FOMC or should i let it run and hope that the FOMC outcome will be good? Any advice will be appreciated. Thanks.
Ouch. Not sure if this were real money, but on a demo I would hold. It's coming back there, although it might take a day or two.
  • #90,625
  • Apr 29, 2009 12:39pm Apr 29, 2009 12:39pm
Quoting BlueSky07
Hi guys,

I'm stuck in a short EUR/USD at 3063 since yesterday. I left it running overnight and woke up to a big suprise of 32xx. Not sure what to do at this point...Should i close it and accept my losses before FOMC or should i let it run and hope that the FOMC outcome will be good? Any advice will be appreciated. Thanks.
friendly advice....start to use SL...it is better to be in some loss of -30 pips then -300? correct?
  • #90,626
  • Apr 29, 2009 12:39pm Apr 29, 2009 12:39pm
Nice to see that tw@t FOREXNEWGIRL has gone. Hopefully that cr@p short call at 13077 blew them out so we dont get that shite posted across here.
rat
  • #90,627
  • Apr 29, 2009 12:41pm Apr 29, 2009 12:41pm
Wow, I'm expecting 1.3154 at most down. Why not close half now and do what the other poster said. Either way you lose, but you have limited your loss.
  • #90,628
  • Apr 29, 2009 12:42pm Apr 29, 2009 12:42pm
Quoting F.x.
Put a stoploss above where we are now. That way if news brings a spike you'll lose less. If news brings a drop, you can recover some.

That's what I'd do. You just have to figure out where to put the SL, and that will depend on the amount you have invested...
hard call we had a decent 4 hour close that would keep me in at the 9am PST but with news its a like putting down 3000 on black at the casino. if news is good you could make back some if bad you could lose more
Boycott GFT for NFA hedge rule
  • #90,629
  • Apr 29, 2009 12:42pm Apr 29, 2009 12:42pm
BlueSky why aren't you putting S/L's? Dude you gotta learn to put SL's. Next two days is going to be very volatile cause today is FOMC and in a couple of days we are going to have month ending moves which are usualy trend reversal moves. Unless you can take a hit and have enough margin ride it out if not then cut the bleeding. There will always be another trade. Don't try to revenge trade this. Once you take a loss walkaway from the pc for a couple of days and analyize. Dont ever let trades run overnight if you are going to scalp. If you are a position trader then u need to have enough margin that can sustain a drawdown.
  • #90,630
  • Edited 12:59pm Apr 29, 2009 12:44pm | Edited 12:59pm
Quoting attila
Ouch. Not sure if this were real money, but on a demo I would hold. It's coming back there, although it might take a day or two.

It should come back down mate looking at this chart ......I'm looking to short but this may have about another 50-100 points up in it...

we are looking at a possible new upward trend aswell so you may not get 13080 on the retrace...

Ok heres the 4hr chart ....theres a daily downward channel. What I'm asking myself now. Have we broken this and are now in the upward channel you can see? I dont know the answer to that question and nobody here does but it looks a good proposition....

It all depends on the DOW....Will it let of steam and come back down to 8000 ...
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rat
  • #90,631
  • Apr 29, 2009 12:44pm Apr 29, 2009 12:44pm
Quoting Bigfx
hard call we had a decent 4 hour close that would keep me in at the 9am PST but with news its a like putting down 3000 on black at the casino. if news is good you could make back some if bad you could lose more

Yea it really just depends on the amount he has invested vs his account size. Without knowing that it's impossible to give the best advice.
  • #90,632
  • Apr 29, 2009 12:44pm Apr 29, 2009 12:44pm
Quoting eaglestar
hope you guys made some money on this long. look for shorts possible

holy charts, batman! i think i just went cross eyed!!!
"i wake up in the morning, and i piss excellence"
  • #90,633
  • Apr 29, 2009 12:46pm Apr 29, 2009 12:46pm
Quoting F.x.
Put a stoploss above where we are now. That way if news brings a spike you'll lose less. If news brings a drop, you can recover some.

That's what I'd do. You just have to figure out where to put the SL, and that will depend on the amount you have invested...
If news brings a spike/gap, then he won't be filled at where market is curently trading if stop is too close...
  • #90,634
  • Apr 29, 2009 12:46pm Apr 29, 2009 12:46pm
Quoting rattyo
It should come back down mate looking at this chart ......I'm looking to short but this may have about another 50-100 points up in it...

we are looking at a possible new upward trend aswell so you may not get 13080 on the retrace...
Right, that's what I said. It's going to 30200. When? I don't know. But it will get there.


Sorry. I might have misunderstood you somehow. It will not get much higher than it is right now. The next move is down, and that will not be a retrace. Take a look at the H4 LRC channel.
  • #90,635
  • Apr 29, 2009 12:47pm Apr 29, 2009 12:47pm
this fib tells a good story
Attached Image (click to enlarge)
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The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #90,636
  • Apr 29, 2009 12:49pm Apr 29, 2009 12:49pm
Quoting Bigfx
hard call we had a decent 4 hour close that would keep me in at the 9am PST but with news its a like putting down 3000 on black at the casino. if news is good you could make back some if bad you could lose more
With Advance GDP at -6.1% (1.3 % lower than expected) and interest rates already as low as they get, what good news could there possibly be???? I'm thinking increased quantitative easing.... at best I reckon the news will be "neutral".

Doh! I didn't mean to do that.
  • #90,637
  • Apr 29, 2009 12:50pm Apr 29, 2009 12:50pm
Quoting Bigfx
whats the worst you have seen? i would hate for this to happen your in a short eu up 40 pips news comes in they raise the spread to 70 (i have seen this on ibfx) and it stops you out
thats why i stopped trading with ibfx, and i dont really watch fxcm price feed so much anymore, but i am sure that will have the same spread widening issues. i guess i will live without hedging after the 15th. i just dont like that they (NFA) are throwing out the baby with the bathwater. they should implement some kind of hedging quiz; if you pass, you can hedge. if not, too bad so sad.
"i wake up in the morning, and i piss excellence"
  • #90,638
  • Apr 29, 2009 12:51pm Apr 29, 2009 12:51pm
Quoting *Pipster*
With Advance GDP at -6.1% (1.3 % lower than expected) and interest rates already as low as they get, what good news could there possibly be???? I'm thinking increased quantitative easing.... at best I reckon the news will be "neutral".

maybe a little "buy the rumor, sell the news" action?
"i wake up in the morning, and i piss excellence"
  • #90,639
  • Apr 29, 2009 12:51pm Apr 29, 2009 12:51pm
This eurusd seems to be well correllated with the DOW at the moment.
DOW goes up so does EURUSD etc.

8350 seems the next spot for the DOW if it breaks 8180.
Then after that its 9000...

Where that puts EURUSD not sure..
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rat
  • #90,640
  • Apr 29, 2009 12:51pm Apr 29, 2009 12:51pm
Quoting BlueSky07
Hi guys,

I'm stuck in a short EUR/USD at 3063 since yesterday. I left it running overnight and woke up to a big suprise of 32xx. Not sure what to do at this point...Should i close it and accept my losses before FOMC or should i let it run and hope that the FOMC outcome will be good? Any advice will be appreciated. Thanks.
I'm in the exact same boat, but I'm funded very well. Should I hold tight?
Si vis pacem, para bellum.
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