Spot FX Day Trader's Thread

They definitely need beer.. this is full on destruction in the S&P .. down 3.5% .. If anyone wants to join my Road Warrior gang when this puppy drops below 1060 just let me know.

ugh.. negative week for me .. -88 pips.. That's really not that bad, I can easily get that back on one trade next week, but it's still irritating.

I need beer too.. kind of early but I think it's fitting.

Next week ought to be good, DOW @ weekly support which has held so far, but some wish not to hold positions over weekend & perhaps rightly so. L Chan suggested that Summer will be volatile range & come October markets will go into a huge sell off mode. Don't ask why October, perhaps statistics.

1.16 zone last stop 4 Euro on the way back to parity with USD.

Hey do you have ST s/r levels for Euro? I can only find MT and intraday on DailyFX Plus.

I don't think next week will be easy trading either.. The market is scared and that usually results in erratic movements. However, when the entire market is short it allows for the slightest bit of positive news to illicit a huge squeeze.. I'm going to be more patient next week, use larger stops and take profit often.

who is this "L Chan" you keep talking about?

Pro trader, proprietor of Neoticker. Very humble & helpful man.

I do my own levels, bog standard OHLC based on yearly, quarterly & monthly, sometimes weekly ones.

Equity investors face tough time next week, already analysts are making structural comparisons to crashes of 1929 & 1987. So far they are almost mirror images.

The moral of the story is - don't reinvent the wheel

I'm so tired of borrowing money from banks when the Old West method of money extraction would suit me a lot better.. I'll be covered in 3 inches of oil in a month so I might as well live it up before I go, and I'm not one to go sky diving, which reminds me of Point Break, which reminds me of Heat, which reminds me of what I'm talking about, but The Clash can explain it far better.

Supposedly during the Bilderberg group meeting, they said that euro can't fail. If we assume that it is true that some group wants to impose the global banking system (euro is something like that, just on the smaller scale), the euro should go up nice in the near future. Well, let's see what will happen...

Both Daily & Weekly charts in DX have confirmed breakouts against 87.6. But previous resistance is of 89s is close by. Yet check out current monthly volume in DX, it's huge. That suggests that it is time to start looking to get short equities. We have been here before, it was back in 1929. People don't learn from past mistakes

Here are the MT levels from DailyFX

1.3500 ** Horizontal resistance
1.3250 ** Horizontal resistance
1.3000 ** Pivot point
1.22 Last
1.2000 ** Horizontal support
1.1750 *** Horizontal support
1.1200 ** Horizontal support

I think we'll probe lower then have a good day on Wall St. one day this week and a grotesque squeeze will occur.. I'm going to try to catch that rather than try to ride Euro down along with 99% of the crowd. In Fx, the 1% wins, not the 99%..

Let it come down a bit more and I'm in long. This assumes that US equities do not drop below 1060.. then I'm sidelined.

I'll sell the squeeze in Euro for sure though.

I believe we will see some fireworks this week.

decent sized gap to start the week.. still not low enough for a buy imo..

Looking at weekly TICK I would say stocks are likely to take out support, it's looking more bearish than when stocks were diving last time round. Markets will start pricing in end of 'free money' & it will initiate domino effect.

It surely seems that way and that's all it takes for 66 year-old Joe Lunchpail to tell his stock broker to take his retirement savings out of stocks thereby exacerbating the weakness and panicking the market.. I'm picturing guys in fedoras running down to the bank to get their money out.. I told my dad to bank his equities a few weeks ago. He asked me if he should buy gold and I told him, "no, buy BCO/USD at $30." It's not that I don't think gold will continue to rise, I just think the possibility of a confusion correction is so high.. You don't want to buy something near the all-time highs. The possibility of getting your ass kicked is so high.

Anyway, an equity slide will translate to another huge slide in GJ, and EJ will most likely hit the flash crash lows.. I'm playing the possibility of JPY strength with a sell stop in UJ 91.37 +20 -20.. the choppiness prevents me from wanting more.

We seem to be chopping around yet again in fx.. I'm just not terribly interested in a big trade right now.. the name of the game tonight will be to use stops with nearby targets and ridiculously tight stops..

http://www.sniper.at/crash-29/stock-...-1929-DJTA.GIF

boom.. nailed UJ to start the week with 20

long EUR/CHF 1.386 t/p 1.406

I'll give up on the SNB at 1.374 .. sure, big loss potential, but I seriously doubt the SNB will allow this to continue

Remember that it costs them nothing to intervene and doesn't benefit any one particular country, just a massive collection of countries..

this is what the Swiss people want..

damn.. it's ugly out there tonight!