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Forex Junction

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...

 

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.

 

Not to worry...

there's always another good trading opportunity to 'bet' on for a chunky profit run...

 

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.

 

Okay... that's a good tip... thanks buddy... 

 

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.

 

If not for the Bhutto incident, it may bounce up the tight flagpole...

but things have changed now... 

 

Do you think it is worth shorting now? (please look at the daily chart)... 

 

Hahaha... you are real sharp... I was just pulling your legs... I am stopepd out... much earlier...

 

Low for USDJPY today was 112.66, now trading 113.00 - 113.10. How come your s/l of 113.25 not yet reached?

 

I have traded fast-moving (volatile) commodities futures for years before I did stocks... 

 

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? ...

 

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.

 

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.

 

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.

 

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.... :))

 

buy usd  now, keep for 3 months and u make huge profit.

 

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!!!) 

 

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) 

 

cannot even survive in share, go forex sure die.wish u good luck.