Chinook's EUR/USD (E/$)Mumblings
- Thread starter chinook
- Start date
Yes, it was a typo.
It's a slow process sometimes - different than with the EURUSD - and looking at the crosses like EURJPY is more informative to the process.
Unlike the EURUSD which is fairly transparent with regards to traders - but I guess options etc. is very difficult to get a handle on with the JPY.
Stop-runs on EURUSD might seem like wishful thinking for the upside - but I think it's a possibilty with the european session approaching. There was not so much volatility, but rather trending during US RTH, and there are still some "issues" with a clean retrace of the EURUSD.
The "defending pawn" strategy and bitch-slapping with 1-lot contracts has a whole other dimension on the USDJPY, I must say. I don't know what to call it - but 2-4 "pawns" laid out like "small personnel-mines" ahead of the MMs pressure ... well, hehehe ... 
The best laughs are when the other side takes them all and slaps the big defender with another one to boot.
edit: It takes a little longer to get the feel for the right price with regards to offset and the different quoting on the CME futures. That probably is a very large factor in it not being overly popular. I think the CME would do a great service to the traders and themselves if they quoted USDJPY the normal way, and not as JPYUSD. It's rather baffling that they have done this. Are the software platforms involved really that poor that the programmers could not convert the other -normal- way round ?
The best laughs are when the other side takes them all and slaps the big defender with another one to boot.
edit: It takes a little longer to get the feel for the right price with regards to offset and the different quoting on the CME futures. That probably is a very large factor in it not being overly popular. I think the CME would do a great service to the traders and themselves if they quoted USDJPY the normal way, and not as JPYUSD. It's rather baffling that they have done this. Are the software platforms involved really that poor that the programmers could not convert the other -normal- way round ?
I have two positions now on weaker USD, the USDJPY and EURUSD. The first one is a little profitable - but stuck a little in little action. The other has a similar story - but in one to two hours time that will probably change.
Stops are fairly strategic so if they get stopped out - that was for the best. I do think they can do the job - but maybe not before the weekend, and that is a little spoiler for a scalper like me.
I guess I will have to bite the bullet on that and try and see it through.
The stops will protect me somehow, although futures are a little more restricted in trading hours when compared to spot. Still I don't expect any large gaps or anything over the weekend, and it seems unlikely.
Funny though, how most FX analysts still have 1.31+ targets etc. I guess I change bias quickly in the market.
I think we will see 1.24-1.26 on EURUSD pretty soon with EURJPY being an interesting case indeed.
I use a two-stage stop on the EURUSD just in case.
Stops are fairly strategic so if they get stopped out - that was for the best. I do think they can do the job - but maybe not before the weekend, and that is a little spoiler for a scalper like me.
I guess I will have to bite the bullet on that and try and see it through.
The stops will protect me somehow, although futures are a little more restricted in trading hours when compared to spot. Still I don't expect any large gaps or anything over the weekend, and it seems unlikely.
Funny though, how most FX analysts still have 1.31+ targets etc. I guess I change bias quickly in the market.
I think we will see 1.24-1.26 on EURUSD pretty soon with EURJPY being an interesting case indeed.
I use a two-stage stop on the EURUSD just in case.
Thanks for your kind words about my journal=)
I think that taking partial profits can allow one to keep a stop below breakeven and reap further gains over time. Psychologically it sucks to watch a winner turn intoa loser, but huge moves can't be predictaed to the tick everytime.
I'm now exiting half on each trade at first signal regardless of how small or big and trailing my stop at a loss for the second half for the realy big moves.
I still think I need to watch my trades carefully - especially since I'm fairly new to position trading on forex.
Soon I need some sleep too - but will rest in intervals to see how the trades are performing. I have upped my stops so that I will be profitable, but still can catch some more upside if it doesn't get overly volatile - which is a condition I would like to avoid anyhow - i.e big chops etc.
Some profits already taken there on USDJPY volatility - I will need to resize that trade later on seeing how I favour it. I do try the "pausing" a little - but with reduction this time not all out - I will see if that get me into a different game and mindset.
Being profitable is what counts in the end.
Soon I need some sleep too - but will rest in intervals to see how the trades are performing. I have upped my stops so that I will be profitable, but still can catch some more upside if it doesn't get overly volatile - which is a condition I would like to avoid anyhow - i.e big chops etc.
Some profits already taken there on USDJPY volatility - I will need to resize that trade later on seeing how I favour it. I do try the "pausing" a little - but with reduction this time not all out - I will see if that get me into a different game and mindset.
Being profitable is what counts in the end.
I am so close to +20 on the EURUSD that I am succumbing to profit-taking. +16 secured for most of the position, while I will trail the rest with OCA cancelling combined with a OCA stop limit.
That will get the most out of that while I get some needed rest.
I have secured +46 for most of my positions, while I can be stopped for -10 of those - but gain a little more if it doesn't stall too much.
On second thought - that sounds a little stupid, and I will rather pause my trades completely.
Well, roughly 44.nn ticks profit. Time to go to bed.
That will get the most out of that while I get some needed rest.
I have secured +46 for most of my positions, while I can be stopped for -10 of those - but gain a little more if it doesn't stall too much.
On second thought - that sounds a little stupid, and I will rather pause my trades completely.
Well, roughly 44.nn ticks profit. Time to go to bed.
First my short got stopped out by one tick around 1.2980s. Then my long got stopped out. Then I got short again, then EURUSD suddenly reversed, I got stubborn and held it until 1.3007. Luckily I went long at 1.3008. I got chopped nice but at least I'm getting some of it back from this upswing.