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Forex Junction
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Manikamaniko.
Master |
29-Dec-2007 10:04
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Should have shorted on that 'tiny flagpole failure'... which stopped me out... hehehe...  Anyway, waiting for another potentially good setup is all part of the game... |
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clauswu
Member |
28-Dec-2007 23:04
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New home sales came in much weaker than expected: 647,000 units vs. 720,000 expected, minus 9% month-on-month vs, - 1.1%. This should weaken USD. |
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Manikamaniko.
Master |
28-Dec-2007 23:03
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Not to worry... there's always another good trading opportunity to 'bet' on for a chunky profit run...
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clauswu
Member |
28-Dec-2007 22:51
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Should have followed my previous trading idea and shorted GBPUSD at 2.00 earlier tonight. Now it has come down to below 1.9920 - 80 pips in just 4 hrs. But then I decided not to trade anymore this year during low liquidity. Chicago PMI came in much stronger than expected (56.6) so I would not short USDJPY unless new home sales (out in 10 min) will drop more than expected. |
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Manikamaniko.
Master |
28-Dec-2007 21:11
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Okay... that's a good tip... thanks buddy...
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clauswu
Member |
28-Dec-2007 21:08
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I would wait till the New Year so that you are not getting "pushed around" by low liquidity. If you want to enter the market today wait till 22.45 - 23.00 pm when Chicago PMI and Nov new home sales will be released. Weaker than expected numbers could hurt USD and you can then short USDJPY. |
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Manikamaniko.
Master |
28-Dec-2007 21:08
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If not for the Bhutto incident, it may bounce up the tight flagpole... but things have changed now...
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Manikamaniko.
Master |
28-Dec-2007 21:02
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Do you think it is worth shorting now? (please look at the daily chart)...
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Manikamaniko.
Master |
28-Dec-2007 21:01
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Hahaha... you are real sharp... I was just pulling your legs... I am stopepd out... much earlier...
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clauswu
Member |
28-Dec-2007 20:52
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Low for USDJPY today was 112.66, now trading 113.00 - 113.10. How come your s/l of 113.25 not yet reached? |
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Manikamaniko.
Master |
28-Dec-2007 20:50
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I have traded fast-moving (volatile) commodities futures for years before I did stocks...
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Manikamaniko.
Master |
28-Dec-2007 20:48
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My s/l of 113.25 for this trade is close, but is not touched yet... If it touches tonight, so be it... the what's the big deal? ...
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clauswu
Member |
28-Dec-2007 14:37
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GBP could drop later today (after 3.00 pm S'pore time) when latest UK housing data will be released. I may short GBPUSD in the new year if it is still holding between 1.9980 - 2.0100. No inducement to buy or trade, just a thought. |
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cashiertan
Elite |
28-Dec-2007 14:11
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GBPUSD reached 19970 as mentioned earlier . those that kept till that level, congratz. however i may have stopped out from earlier before it reached 19970 from the swing earlier. USD is abit oversold now. may climb later. however it still can go down thou, i am out of the market till 2008 Clauswu, We can only do so much. |
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clauswu
Member |
28-Dec-2007 13:41
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Guess your s/l for USDJPY has been reached, sorry. That's why cashiertan recommended paper trading. I will stay out of FX market until 2/3 January when volume returns to normal. |
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harryp
Veteran |
28-Dec-2007 10:35
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Mani.... :)) Thanks for the timely response. No experience in forex, but thought that it would be logical to move the s/l to break-even point at least when price moves up and then set trailing stop to chase the price at 50 pips behind until hit target price. May be it is too time consuming for forex to chase with trailing stops as I read that most people just do the s/l and tp settings then go to bed and wait to collect $$ next morning.... :)) |
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Pension
Elite |
28-Dec-2007 10:30
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buy usd now, keep for 3 months and u make huge profit. |
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Manikamaniko.
Master |
28-Dec-2007 10:24
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PS.. If one has lost money in stocks, one must avoid currency trading at all cost!!! (Due mainly to the tremendous leverage involved, the dangers are magnified manifold!!!) |
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Manikamaniko.
Master |
28-Dec-2007 10:21
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HarryP... :) I have developed my own system of play... (each will eventually meet his own system)... For this trade, I do have a 's/l' in the form of my profit target... ie. I'll simply let it run till that point... And if it doesn't, I'm happy to get stopped out at my entry price (for this particular trade)... But of course, I do have a contingency plan to head for the exit at short notice, but that's another story... (It is absolutely true that Forex is more demanding than stocks play) |
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Pension
Elite |
28-Dec-2007 10:07
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cannot even survive in share, go forex sure die.wish u good luck. |
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