Reminiscences of A Forex Speculator | Page 13 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Reminiscences of a gentleman speculator 2006-2014 19 replies

Reminiscences of an alcoholic college student 40 replies

For those who have read Reminiscences of a Stock Operator ... 2 replies

Reminiscences of a FX Operator 1 reply

From Reminiscences of a Stock Operator 3 replies

Attachments: Reminiscences of A Forex Speculator
Exit Attachments

Reminiscences of A Forex Speculator

  • #241
  • Jun 28, 2011 9:16am Jun 28, 2011 9:16am
Took half off the GBP/USD trade at 1.5985, so I could move my stop up slightly so that in the event 1.6015 is hit, I'd be able to short it...very nice activity on EUR/USD and USD/CHF. I was just about to play the latter short but was too slow to execute my order! Ah well - there'll be other opportunities.

In the meanwhile, GBP/USD rockets through my limit as EUR/USD rockets through 1.4350! Very busy on the currency front today it seems! I love volatility! Let's see if it'll drop!
Attached Image
  • #242
  • Jun 28, 2011 9:24am Jun 28, 2011 9:24am
Quoting newyear498
Trizzle.. on first sight of good news you should still consider taking profit.. any good news regarding the vote is going to result in bearish activity more than likely / taking profit... the institutions are going to use that opportunity to take profit with extra liquidity and buyers.. at least thats my opinion.. we saw it happen last week.. and everyone on news was saying BUY BUY BUY.. I said.. ok I'll short ROFL
Heya newyear498,

I enjoy letting my profits run until the conditions that motivated me to take the trade have played out. I'm not taking this trade based on Greece..I'm positionning myself for the interest rate hikes next week, so that's the reason why I'm holding on to my EUR exposure. From what I gathered the bearish activity this week was due to the fact that parliament still needed to pass the austerity measures, which is what the whole ordeal is about. Since that scenario didn't play out yet, the bearish sentiment took over and pushed the pairing down.

Quote
anytime you see price start hanging around a price level it used to bounce off means a high probability break through if stops are above that level

Things just don't feel right in the market you know.. newton said "For every action there is an equal and opposite reaction" I'm suspicious personally

good day to you sir... I see we are both enjoying the most turbulent times in history hehehehe
Hmmm not too sure that the bold holds most of the time, because it really depends on what's going on in the market; the nature of the stops, sentiment etc.

I'd say we're in for an interesting next week. Good luck!

Regards,
xXTrizzleXx
  • #243
  • Jun 28, 2011 9:52am Jun 28, 2011 9:52am
Phew! Took out that bad boy Cable on a retrace to entry! Rocketed up much further than I anticipated thanks to EUR/USD!..Now unfortunately..I need it to fall in on itself...so I can get more legs!
  • #244
  • Jun 28, 2011 11:08am Jun 28, 2011 11:08am
Quoting xXTrizzleXx
Phew! Took out that bad boy Cable on a retrace to entry! Rocketed up much further than I anticipated thanks to EUR/USD!..Now unfortunately..I need it to fall in on itself...so I can get more legs!


So I'm done for the day and I think the markets outta steam.. I am forecasting a bearish day tomorrow for the EUR/USD

if it hits 1.4460 then I'll be trying to catch it for 100 pips... otherwise more realistically I think its going to retrace to 1.4250ish (not necessarily in one day).

those are my thoughts..
  • #245
  • Jun 28, 2011 12:55pm Jun 28, 2011 12:55pm
Quoting xXTrizzleXx
What I gathered was it was due to those Asian Sovereigns et. al, the same kind who were seen at 1.4100 yesterday bidding the pair up. Seeing them again is what gave me the confidence to hold my long. Good play on the short. Never did try retail sentiment before

Regards,
xXTrizzleXx
What is the source for that news?
Retail sentiment was also short which made me re-think my short position. So, decided to go against them.
  • #246
  • Jun 28, 2011 4:57pm Jun 28, 2011 4:57pm
Quoting newyear498
So I'm done for the day and I think the markets outta steam.. I am forecasting a bearish day tomorrow for the EUR/USD

if it hits 1.4460 then I'll be trying to catch it for 100 pips... otherwise more realistically I think its going to retrace to 1.4250ish (not necessarily in one day).

those are my thoughts..
Cool. We'll see how things will play out.

Quoting vicky_ag
What is the source for that news?
Retail sentiment was also short which made me re-think my short position. So, decided to go against them.
To be honest I forget which news feed it came from..so many....guess Retail can sometimes be a pretty good contrarian indicator

In other news I've managed to slip another leg on to EUR/USD, bringing me to 3 x EUR/GBP and 2 x EUR/USD. Let's see what tomorrow will bring. Still wary and watching. May have to close some nearer ones to mitigate some event risk from the vote.

Regards,
xXTrizzleXx
Attached Image
  • #247
  • Jun 28, 2011 5:54pm Jun 28, 2011 5:54pm
Quoting xXTrizzleXx
Cool. We'll see how things will play out.

To be honest I forget which news feed it came from..so many....guess Retail can sometimes be a pretty good contrarian indicator

In other news I've managed to slip another leg on to EUR/USD, bringing me to 3 x EUR/GBP and 2 x EUR/USD. Let's see what tomorrow will bring. Still wary and watching. May have to close some nearer ones to mitigate some event risk from the vote.

Regards,
xXTrizzleXx
Feel free in the future to link to any interesting news you come across I'm still trying to keep up with the world

keep up the good work!
  • #248
  • Jun 28, 2011 7:25pm Jun 28, 2011 7:25pm
Hi trizzle,

Got a question what kind of affect would this news story have to the chf or the eu just curious Thanks..

http://www.bloomberg.com/news/2011-0...ntag-says.html
  • #249
  • Jun 28, 2011 9:38pm Jun 28, 2011 9:38pm
Quoting ingmarforex
Hi trizzle,

Got a question what kind of affect would this news story have to the chf or the eu just curious Thanks..

http://www.bloomberg.com/news/2011-0...ntag-says.html
I read this article recently, and I think it has potential to deal massive damage to the Franc, but the SNB has stated that it isn't considering intervening in the markets, according to its monetary policy. I'd wait for it to turn on its promise before I act on that piece of news, but yes it has the potential to cause massive unwinding.

Good eye.

Regards,
xXTrizzleXx
  • #250
  • Jun 29, 2011 1:58am Jun 29, 2011 1:58am
About to take risk off the far most position to the left. Nearer position is a short-term scalp for some % in the account. In writing this post, risk was taken off the far most position and stop was moved to BE for the scalp/short term play.

In the meanwhile, I'm focusing on how to go about playing EUR/CHF for the vote

Regards,
xXTrizzleXx
Attached Image
  • #251
  • Jun 29, 2011 2:16am Jun 29, 2011 2:16am
Removed my TP but moved stop to lock in +15...for some reason it feels like it may pop a bit past the figure, so I'll look to exit manually or for +15.

Regards,
xXTrizzleXx
  • #252
  • Jun 29, 2011 2:46am Jun 29, 2011 2:46am
Quoting xXTrizzleXx
Removed my TP but moved stop to lock in +15...for some reason it feels like it may pop a bit past the figure, so I'll look to exit manually or for +15.

Regards,
xXTrizzleXx
There we go..can't complain for an extra 10 pips now can I?
Attached Image
  • #253
  • Jun 29, 2011 2:50am Jun 29, 2011 2:50am
I completely missed that play though took a rathe dangerous one. Backing the 55 DMA traders. Short from 4415 took 25 pips.
  • #254
  • Jun 29, 2011 2:53am Jun 29, 2011 2:53am
Quoting vicky_ag
I completely missed that play though took a rathe dangerous one. Backing the 55 DMA traders. Short from 4415 took 25 pips.
Cheeky man you! Seems like you nearly popped the top on that one..good play!

Regards,
xXTrizzleXx
  • #255
  • Jun 29, 2011 5:16am Jun 29, 2011 5:16am
Relatively squeezed for margin, resulting in me having to make some carefully selected plays. I'm eyeing a position in AUD/JPY and EUR/GBP after much thought. The AUD/JPY position may very well be a short-term one, and depends on risk appetite as the week wanes. EUR/GBP will be added to the collection.

I am also going to liquidate one of my EUR/USD longs at 1.4350 at 1.4435, in an effort to free up some more margin, and diversify out of the pair, due to QE2 ending tomorrow, and not being too sure of it's impact. I will leave the position at 1.4260 to run still. I also wanted to take a short-term short position on EUR/USD, but will have to see how well my margins co-operate.

Regards,
xXTrizzleXx
  • #256
  • Edited 6:24am Jun 29, 2011 6:13am | Edited 6:24am
Quoting xXTrizzleXx
I read this article recently, and I think it has potential to deal massive damage to the Franc, but the SNB has stated that it isn't considering intervening in the markets, according to its monetary policy. I'd wait for it to turn on its promise before I act on that piece of news, but yes it has the potential to cause massive unwinding.

Good eye.

Regards,
xXTrizzleXx
The Swiss government doesn't have any say over the exchange rate. You have to remember that this came out of the socialist party members, who are just talking their book. I doubt they have any influence on anyone who is in charge of monetary policy (at least not without ganging up with other parties). Besides, the Swiss failed miserably the last time they tried intervening and they have since admitted that they don't have the power to influence the exchange rate. The biggest threat to the franc is stability in Europe and a proper budget deal in the US.

In other news:
ZH: Prepare For A Surge Of Treasury Issuance As Soon As The Debt Ceiling Is Lifted
Reuters: Stress Tests to Fail (up to) 15 Banks (1 out of 6)
If you don't risk, you don't ever have to lose.
  • #257
  • Jun 29, 2011 6:32am Jun 29, 2011 6:32am
Quoting bug
The Swiss government doesn't have any say over the exchange rate. You have to remember that this came out of the socialist party members, who are just talking their book. I doubt they have any influence on anyone who is in charge of monetary policy (at least not without ganging up with other parties). Besides, the Swiss failed miserably the last time they tried intervening and they have since admitted that they don't have the power to influence the exchange rate. The biggest threat to the franc is stability in Europe and a proper budget deal in...
Thanks for the confirmation, bug! And especially the article about the Treasuries after the debt ceiling...very interesting..given that there is a high probability it will indeed get resolved, the increase in yields should embolden risk appetite nicely. Provided things in Europe don't go too haywire over the coming weeks, perhaps we can get some CHF unwinding. I'm especially looking forward to it in EUR/CHF.

You playing the votes today?

Regards,
xXTrizzleXx
  • #258
  • Jun 29, 2011 6:49am Jun 29, 2011 6:49am
Quoting xXTrizzleXx
You playing the votes today?
No. I'm on the sidelines right now, researching market profile, order flow etc. Mix the two (studying and trading at the same time) and you end up wrecking your account and learning next to nothing. I've done a few trades on demo just to test out what I've learned, but I'm holding off of real trading for some time to come (could be days, could be a week or two).

If I wasn't busy studying I probably wouldn't trade it either, though. I don't have a good track record on trading the NFP, FOMC and other high-impact releases. Too much risk for me.
--
You know what's funny about the $250 billion? It's roughly 50% of Greece's public debt. With annual budget deficits around $1.5 trillion they rack up more the three times more additional debt than Greece already has. The US has a big economy and all, but it makes you think, doesn't it?
If you don't risk, you don't ever have to lose.
  • #259
  • Jun 29, 2011 6:55am Jun 29, 2011 6:55am
Quoting bug
No. I'm on the sidelines right now, researching market profile, order flow etc. Mix the two (studying and trading at the same time) and you end up wrecking your account and learning next to nothing. I've done a few trades on demo just to test out what I've learned, but I'm holding off of real trading for some time to come (could be days, could be a week or two).
Wise choice. The MP/OF combination is very deadly

Quote
If I wasn't busy studying I probably wouldn't trade it either, though. I don't have a good track record on trading the NFP, FOMC and other high-impact releases. Too much risk for me.
I'm sure your outlook will change with further study The jawboning by these MPs however...is killing me...I've been up all night waiting to trade this...
--
Quote
You know what's funny about the $250 billion? It's roughly 50% of Greece's public debt. With annual budget deficits around $1.5 trillion they rack up more the three times more additional debt than Greece already has. The US has a big economy and all, but it makes you think, doesn't it?
It's all a very sad state of affairs...global finance seems to be on some shaky footing..

Regards,
xXTrizzleXx
  • #260
  • Jun 29, 2011 7:56am Jun 29, 2011 7:56am
Risk taken off the table...talk about a thin market!
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.JPG Size: 65 KB
0 traders viewing now