Contra's FX Journal

Quote from contra:

I hear you on sticking with the trend oldtime, no doubt.

I have no problem going for new highs or lows with it after a pullback and confirmed signal such as with the cross jpy pairs today... but once it has broken that far out of consolidation/range to a level I can't pull the trigger. I need atleast a consolidation to wind down the techs and give another go or a pullback.

I also (in most cases) like to wait until the london markets open and into the crossover.

I have missed some trades with those guidelines, but more times then not this does me good I think.
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that's why I trade multiple pairs (much to the chagrin and ridicule of many here on ET)

You can't buy something without selling something else

My days of guessing which way it is going to go are over. That's a young man's game.

It hurts to get short USD/CAD down here, but I need it to balance out the the other things I have on. It won't hurt that much if I lose on that particular pair, as long as I make money overall.
 
I also trade multiple pairs a lot.. I am always directional in one way or another though.

I'm not all too sure about these moves yesterday.
 
the multiple pairs give you staying power which is something the outright directional trader does not have, but you got that right, one way or the other you eventually have to be directional to finally put it in the bank.

well, I always enjoy talking to you, but I don't like to hog up your journal, so good luck, I'll check in again one of these late nights just to let you know you are not the only one awake.
 
Quote from oldtime:

the multiple pairs give you staying power which is something the outright directional trader does not have, but you got that right, one way or the other you eventually have to be directional to finally put it in the bank.

well, I always enjoy talking to you, but I don't like to hog up your journal, so good luck, I'll check in again one of these late nights just to let you know you are not the only one awake.
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Yep I know what you meant though, I get the gist of what you're doing kind of. Although sometimes I think you may be better off trading just the cross and skipping the USD exposure. E/A has been my best pair this year, between that and AUD/USD after Q1 with some USD/CAD, especially on it's way up in May, didn't score much on the way down until recently.

Like I said feel free to post whenever. Glad you guys are hanging out from time to time. Or else Id just be talking to myself then.
 
got some good usd buying coming in here. looks like usd/chf may put in a higher low... euro might be toast heading into next week.
 
Really not sure what to make of this ECB proposal on setting thresholds for bond buying of weak sovs as talked about in a Der Spiegel article, but no sources were cited. Euro caught a bid on this but we wont know of the outcome before the Sept meeting so this is kinda shady to me.
 
"FOMC minutes Wednesday, EZ flash PMI data Thursday and the series of EU summits from Thursday (Merkel-Hollande, Merkel-Samaras and Samaras-Hollande) into the weekend look to be the foci going forward."

there they are... finally updated their f*ckup. It was friday I guess, but that's no excuse.

I wish i had my own bloom or reuters terminal so I dont have to rely on these idiots.
 
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