Reminiscences of A Forex Speculator
LOL. You cheeky man you!
I realise this only now as you bring it up..fairly odd way of doing things but hey I'm not about to complain for more leverage!
Indeed. It would however be interesting to note what percentage these retail traders constitute..that would assist me in planning my Gold trades..
Thanks. Closed the 4365 when price rebound to 4200. Though still not convinced on the longs.
. But we must remember...Cable has nothing going for it..sentiment may just save us 
Looks like it was able to hit. I now spot a huge mispricing so I have some limit sells at 1.6000. Hope they get hit. In fact as of writing this they were hit...look at that lol. They should be good to ride down back to 1.5950 at least in my view.
As a side note, it looks like my EUR/GBP leg is actually quite healthy where it is - much better than I had anticipated on the back of this GBP rising.
Regards,
xXTrizzleXx
Some good profit booked on that one!
Decided to take risk off the table a bit early in GBP/USD since it wasn't really moving according to how I felt it should. Moved stop down a bit as well to compensate. I know, I know..this stop is asking for it to be hit
What are you basing your mispricing on?
thanks
Yeah. Closed with 25% up on the account.
Well, the trade looks sound to me. Though 5950 might be difficult, maybe just near 5965ish.
Trizzle, just curious - Utilitarian? How? Also, even as a speculator if there are no buy orders to be found at a higher level I wont be able to load up sells again. What made you think there are buy orders near 1.6000?
Well, my understanding requires more work. I took a short on EU today - 4160 to play the barrier. I managed to take in a small profit. But still dont get why the price moved upwards again. I thought it will break 4100 for sure. Though 4235 looks like a short squeeze still unsure how to look for squeezes etc.
Good call on the G/U.
Gonna have to make a compromise for 1.5945 though lol, things look congested around 1.5935ish.
Cable target was hit, and I initiated a position in EUR/USD to see if I can perhaps get a leg on. I'm a little wary though..will be paying attention to it. EUR/GBP position is actually holding up rather nicely. Didn't expect that at all.
Regards,
xXTrizzleXx
EDIT: Getting tired it seems. May have to take a break from the charts. Trade was closed at 1.4180 as soon as I remembered there were expiries at 1.4160..needless errors.
Utilitarian as in real money buying; bank fixing. You also don't need buy orders to be at a higher level to load up sells. You can simply have your offers in wait for people to come and hit them. 1.6000 was a barrier if I recall correctly, so I chose to fade it. Ideally I wanted to put my limit sells at 1.6010 and get the top, but I was too slow
), though I still dont get what made you think there were real money bids? IFR? Also, the offers sat there at 1.6 to be hit? Was it due to the barriers?You should be careful though, 1.4160 was an expiry not a barrier..I learned this the hard way lol, but at least you came out with a profit. As for price moving up, it could have been due to news, noise, or perhaps the option-related activity associated with the level. 1.4100 on the other hand was well protected for days, and looks like it may provide a little floor, but given how close we came to it, I have little confidence in it anymore. I agree with you on the 1.4235 squeeze. I like to look for them when there is a change of sentiment, or when...
Cable for example was positionned short, so large buying would cause an extended move upwards. At least that's how I saw it.
I went with USD/CAD instead.. it was at the top of the range I sold 3/4 of my position and I'm going to hold the remaining for a 100 pip TP which is only half the retrace of the trend basically
I wanted to get a long position with EUR/USD but I don't trade london and most the move happen already
it was deffinitly near the low.. I should open one last night in asia hours
oh well F**King scrabble ROFL
I don't think I can go wrong on this trade.. hmmm..
Trizzle, I get that utilitarian money doesn't look for profit rather something else that is value to them (T&E
Like say for now price is going back to touch 1.6 . So are we expecting another round of shorts?
So, did sentiment change for 4235 squeeze? I think Greek problem remains as it is. Though too quick and too much pricing in the downside has taken place.
Ok large buying will cause many people to re-evaluate their shorts. Once they try to cover their positions then buying + short covering = extended move upwards.
Looks nice, but I'd be wary of keeping that TP so far - I get the feeling that there's an interest to eye parity.
Don't worry I've opened positions at 1.4130 and more recently 1.4180 and closed them because I didn't like the play, and after which price rocketed up and never looked back. There'll be other opportunities.
Looks good to me, except I was already in la-la-land!
I'm in a free ride now tho.. I decided to target 0.9840 Yeah I'm already expecting EUR/USD to return to 1.4120 this week.. in fact theres just to much going on to support things right now.. I bet were going to see a narrowing range over the next week or two and then a break to the upside once everyone gets their positions worked in
as for USD/CAD I feel its in an uptrend so I'm counter trend trading.. basically trying to take it until I think others find the value in buying it again
certainly you'd have to be pretty crazy to be loading up at the top there
Finally I'm looking forward to yes the YEN gaining value with japan recovering.. however I'm not sure who to pair it up against hmmm..
PS: you know reading fundamentals is way more entertaining and profitable than reading half the forums on FF.. I'm so happy..
Thank you for the your posts! I've no doubt you have a great future ahead of you. 
