Spot FX Day Trader's Thread

That low in EJ is the lowest since April and it cracked monthly support.. that's why I'm not jumping back in...

I ditched EU because of the spinning top candlestick.. I'm a little worried about a squeeze. Either way I expect to wake up tomorrow with a better opportunity to buy or sell..

Closed my UJ +15, don't like to keep trades against the trend overnight. It will be interesting if UJ breaks, it's been trending longer than I've been trading, or known that FOREX is for that matter. It was the pair that convinced me that I could make money at this...

Closed my cable trade pre retail sales. Only about 30 on that, a bit disappointing but didn't want to risk it on friday and over retail. Still long of usd/jpy.

I'm long UJ at 90..

Selling Eu 1.4165

taking 20 on EU and scratching UJ -7 to end the week

I've been short Euro as well from 4177. You gonna hold your short over the weekend Pippy?

Edit: Ahhhh, read your last post

Well, restored my account this week and now I'm up overall. A few more weeks like this one and I'll be ready to up my account size.

My advice would be to take it really slow.. Trade with $1 per pip for 2 months.. then $1.50 for 2 months, then $2 for 2 months..

Everyone who had ever started off running rather than walking has wiped out.. There's just too much to learn.

I would have kept my short had I known the S&P would end up TANKING like it did.

off topic - I've been short the S&P since wednesday

here are the technical reasons, as there are plenty of fundamental

we have been in a 45 degree angle up trend since march 09, that is a healthy and powerful uptrend, but trends always retract before continuing forward. a few things to take note of here: simultaneous decrease in volume as the market was increasing, also notable is the bottom indicator "ROC", rate-of-change. which was decreasing with the increasing index on decreasing volume. novermber and december were dramatic decreases in the ROC, as the market was trading very tight on low volume, which caused me to go short on wednesday, along with the clear resistance at 1150 (triple top). I expect this retracement to give back around 20-30% (down to the 200 day SMA) of the upswing, and continue upward after. The time frame could be around weeks to months.

Currently the break out does not appear to be false, as we broke a key support of the 50 day SMA, and are currently very close to another important support, the 100 day SMA. The probability of this next break seems high, as you can see the notable spike in volume on the recent declining days. My bias is short in the near term, I would sell the bounces until we approach the 200 day SMA. Around 102 on the SPY, I would be cautious to short and likely switch my bias to long, or begin building a long position on stocks that should bode well with a rebound.

Yeah, I'm sub-$1 right now, that's where I'm looking to move

How are you guys liking USD/CAD?

Tarhini.. I too think it's time for the S&P to take a dip over the next few weeks.

Dam, I'm taking a breather from loonie..

I'm long on usd/cad. Been long for a while now...

Picked up some more usd/jpy at 90.00 this evening. Giving me an average of 90.15. Not sure if i'm going to run this for a big one if possibility of a Greece default exists this week.

Feeling a bit tired here, but watching the NFL - no idea what's really going on. Looks like yen trade has rallied a little, I might try hold for something in the 91's if it looks like a good move up, not going to be overly greedy about it though. Got to play these markets cautiously with a lot of fear out there and the possibility for big news to break any day of the week.

Ninja? too rich for my blood .. I feel like risk is off

Certain events happen which unfold slowly and I feel like this Obama move is one of them.. I feel like an authoritative crack of 90 is in the works this week.

OH YEAH? Let me tell you what's happening.. A true American hero wasn't able to pull it off because of his butterfingered compatriots.. The man was PURPLE with pain the whole game and I applaud Brett Favre for his individual effort..

The whole Saints team was bought and paid for by the Federal gov.. there.. I said it. WHO DAT? My Katrina guilt tax dollars..

The Colts will win the whole enchilada.

Speaking of enchiladas I'm hungry..

haaaaaaaahahahaha

grrrrr