Spot FX Day Trader's Thread

Is anyone here trading the GBPJPY or any JPY pairs?

I have been having very good luck with them for the past few weeks, the GBPJPY has been on a downtrend lately and will probably keep going, waiting for Sunday to enter most likely another short position.

Got some news coming out soon if Im not mistaken.

Yeah I am. It banged its head here at 138 but I think I like 139.00 or 140.60 better to short. Sunday night / Monday morning will be interesting.

Very brave and a nice spot. I hardly look at that chart its such an ugly trade normally.
I shorted USDCHF instead of buying EURUSD and this isnt going to help it

Yeah that's what I am waiting for too, it has been quite interesting over the last month, especially given that drop of around 700 pips which was definitely one of my favorite trading days ever.

The SNB can intervene perpetually .. After all if you're trying to devalue your currency there's not much stopping you from printing all the money you would ever need with which to intervene in the currency markets. It will eventually pop higher..

Pippy,

So you think the SNB will step in sometime soon? The low of 1.4560 is. sure looking awfully low. Haven't seen anything "decisive" with their intervention since early February. Lately their intervention has only been 10-20 pips or so. So you think we'll see the 1.4600's again? Maybe the SNB is allowing it to fall in order to set up and squeeze all the short sellers?

They haven't had to intervene since that Feb low. The EUR has been in "Greek" mode since then.

I'm betting that at some time the SNB will intervene, but I have no idea when that might be. The Swiss feel that exports are far more important than Franc strength and that's not likely to change.

I'm going to take 8 pips on EUR/CHF and wait for it to come down before getting back in. I don't like having my leverage tied up on something that might take a long time to play out..

Yeah, I hear ya. Unfortunately, mine already is tied up way up at 1.4611. Trying to decide how to best play this and get out alive.

ouch.. I'd use a really tight stop if you're playing off of support. I'd kill the trade if below Feb 2nd lows. They will intervene but you could be margined by the time they do. Kill it and then place a buy stop.

I'd assume you mean the low on February 5th of 1.4558? Yeah, actually I just cut 3 lots of it at 1.4577 for a 30 pip loss. Am thinking of when to cut the rest (5 lots). I think the new reality is 1.4500's. So if we're looking to play from the long side, the standards (price) will have to be lowered as far as SNB intervention. Then again, I could be very wrong and maybe the SNB could step in at any time.

In any event, I am looking to re-load (buy more) at lower levels. Would like to get out of this entire trade at or near breakeven. To do so would mean liquidating what I have on a bounce up...and then buying more when it falls..and playing that range for a while. We'll see.

You said exactly right.. I think the SNB is a good bet, but when you're staring down the face of better opportunities, it's clear to see that EUR/CHF is a hopeful "what if".

I'm up nicely on my Euro short from Friday..

There's nothing I'd love to see more than a hideous wick on a daily candlestick.. pure rejection, lovelessness.. I've heard rumors that Eskimo cookbooks are actually selling faster than Euros vs. the USD. I've posted the article below.

"March 2010, Eskimo Cookbooks See Major Surge in Sales"
Reuters News Service

In a surprise move it seems that Eskimo cookbooks have outpaced Euros as an investment in March, 2010. When faced with the task of eating a largely blubber-based diet the average American is overwhelmingly saying "yes".

When reached for comment a guy in a Hawaiian shirt and a baseball cap said, "I'm almost positive we can do this!"

I'm up 81 on Euro and holding

I'll take 89 and be done with it.. last week's losses have been firmly erased.

There should be some good support in Euro around 1.362 .. I'll probably scalp long there.

Also thinking about it but I'm not sure if it will get there

Yeah it will, on it's way to 129

We might want to keep an eye out for tomorrow since we got the Federal Funds Rate coming out and even though it might not change, well will likely not change, we still always see movement when the FOMC starts talking.

looks like we might get into good shorting territory for euro & cable, hopefully the US session will get us there

I'm short usdjpy from 90.500, stop loss 90.580, take profit ??? first target 90.300. but wait & see.. might be more of a runner.