Spot FX Day Trader's Thread

I'm gonna wait for trendline support & play it conservative (boring!)

thank god my trades are turning around..

In other news, I am attempting to slug down 6 beers after eating boiled eggs for dinner. Tomorrow the northern suburbs of Houston will be declared a federal disaster area.

I better go to my sisters house in the galleria area ! thanks for the warning

The green haze over The Woodlands tomorrow morning will not be from industrial pollution.. MARK MY WORDS!

Interesting...

http://e.nikkei.com/e/fr/tnks/Nni20100812D12JFA08.htm

I've done very well timing EUR/CHF interventions and I've done very well off of the threat of a BOJ intervention.. I personally don't think they are waiting with more than words until 80 in UJ.. After all, intervening is like a gift to the US...

My stop is slightly below Tuesday's low. You can't let yourself slide off into hell on something as flaky as intervention..

short aussie 9007 filled in the night stp -40 & just entered a euro short 12820, gonna try and ride it down to mid 127

closed both +12 eu and +27 aussie & that's me for the week

It's do as I say not as I do! I wish I hadn't closed out the euro & aussie short & rode it to the mid 127s like I planned. This trading thing is so damn tricky at times, I seem to be reluctant to let winners run to targets and close out too early with a small victory. There's always next week...

The Germans post great GDP figures yet EU tanks.. It's seems to be due to overwhelming USD buying via ninja because EJ held up pretty well.

I really think the best way to make money from FX is to wait until spot reaches an important long-term level, buy it or sell it at that point with a stop big enough to account for swings but not so huge that you can't recover if you're wrong and then just wait for weeks or months to see what happens.. I've come to this conclusion after finding out that this is the way that banks trade. They get into a trade and hpld it for years without using leverage.

In 6 years I've not once done it this way. Like you I am incapable of holding a trade for any decent length of time. I'll let it run to my stop 100% of the time but rarely if ever will I allow a trade to run to my target. In fact, I don't use targets anymore.

I guess we're all still evolving as traders mate. I've convinced myself over recent months that longer term trades are the way of better returns & less stress overall but for my personality I prefer day trading forex. There's still money to be made but to be consistant I think it's a bit trickier to succeed. I've had a EURAUD short carry trade going for a while now that's floating a good 500-600 pips below entry (stop at BE) & just keeps trickling around $34 a night into my account. Amazing if you have a very large account (which I don't) and can keep the trade alive for long periods. I like that trade but they don't come around that often unfortunately! I've come to learn that less is more but my nature & style makes me prefer the day trading.

long cable 15540, stop 15474, t/p 15735. Could be a crazy one but I had this order in from Friday so I'm in the game like it or not!

I'm still long UJ, EU and just went long EJ 109.4 s/l -30

My personal feeling is that the economy will recover in a slow and sloppy manner, however it's best not to spit in the wind.. I'm viewing the tank in the latter part of the week as a buying opportunity and I'm not too concerned about being underwater.

I have an order in for long eu 12722 with -40 stp. I'm counting my s on this trendline support holding from the 7/8th June on both GU & EU. Have been musing over ej long also

second guessed myself on Ej .. took 8

ugh.. screwed myself out of some decent pips..

34th second - 59th second is pure cultural gold.. My culture's gold anyway..

[shoots Fx market and blows smoke off of pistol]

Managed to squeeze 50 pips out of cable in the night but if I had that trained forex monkey that doesn't sleep it could have been over double that. I think today is going to be a slow one. As for Johnny Cash, great song!

EU looking good .. UJ looking bad..

I think you're gonna do well holding the euro trade. It's friend cable also applied the breaks after freefall and that lower trendline holding, gold appears to be soaring. It'll be interesting to see what happens with US equities...