Contra's FX Journal

[contra]

Quote from JuniorCTA:

so people give me shit (ie. amazing Industry) when a trade goes 10-20 ticks against me, but no one says anything when i call a trade that has moved 300+ ticks?

I gave you props dude! but again, nice call... I was waiting for it too, trust me.

I just waited until it gave the reversal close, you got a nicer entry, but i said "i think you got something here" as I expected the same. check it out...

 

[contra]

Quote from oldtime:

yeah, atticus posted he went short EUR and I posted and asked what the target was. Then I looked at the price and figured he'd already been stopped out and deleted the question.

go ahead and stay long AUD, it won't hurt my feelings, I'm getting use to losing money in that pair everyday.

shorting that USD/CAD at a price I never would have believed has been very good for me. I just turned it around and asked, "If you were long is this one of those trades that would have caught you completely by surprise?"

whats up OT, yea I took a quick short on usd/cad today @ 9726 - 9685.

It really looked like usd/cad and eur/usd may definitely have reversed today so not a bad trade on atticus' part at all I dont think... I was thinking sell the fact, almost ready to pull the trigger on it it was just whipping around too much spread was a bit wide yet. I didnt check the forums though so i didn't see he went for it.

 

[oldtime]

Quote from contra:

whats up OT, yea I took a quick short on usd/cad today @ 9726 - 9685.

It really looked like usd/cad and eur/usd may definitely have reversed today so not a bad trade on atticus' part at all I dont think... I was thinking sell the fact, almost ready to pull the trigger on it it was just whipping around too much spread was a bit wide yet. I didnt check the forums though so i didn't see he went for it.

I'm still adding to my short EUR/USD, but starting to take profits from my short USD/CAD.

This is exactly how I went completely broke. Closing out winners and adding to losers.

 

[contra]

Quote from oldtime:

I'm still adding to my short EUR/USD, but starting to take profits from my short USD/CAD.

This is exactly how I went completely broke. Closing out winners and adding to losers.

don't go broke oldtime, that's bad news. i doubt asia is going to short risk here and get in the way of this... i would wait until tomorrows US news if it is really positive atleast or next week see whats up.

hey i could be wrong. good luck.

long ej looks nice...

 

[oldtime]

Quote from contra:

don't go broke oldtime, that's bad news. i doubt asia is going to short risk here and get in the way of this... i would wait until tomorrows US news atleast or next week see whats up.

hey i could be wrong. good luck.

ah you kids, you make ten trades on both sides for every one I make on one side.

The way I see it, everybody wants their currency to be strong

And everybody needs their currency to devalue

 

[contra]

Quote from oldtime:

ah you kids, you make ten trades on both sides for every one I make on one side.

The way I see it, everybody wants their currency to be strong

And everybody needs their currency to devalue

I dont take 10 trades on both sides for everyone 1 trade you make, must be some other kids you're talking about.

I simply stay with the prevailing trend and sentiment as best i can, and if I try and be a hotshot here and there on counter opportunities and lose, i accept the loss and never add in against it. risk/reward defined everytime, and with the trend I let some run till i see fit and add on dips/rallies if it's still moving to the tune.

If we are in ranging conditions I try and figure out why it is, and play it until it breaks and back to trend mode I am.

 

[oldtime]

Quote from contra:

I dont take 10 trades on both sides for everyone 1 trade you make, must be some other kids you're talking about.

I simply stay with the prevailing trend and sentiment as best i can, and if I try and be a hotshot here and there on counter opportunities and lose, i accept the loss and never add in against it. risk/reward defined everytime, and with the trend I let some run till i see fit and add on dips/rallies if it's still moving to the tune.

If we are in ranging conditions I try and figure out why it is, and play it until it breaks and back to trend mode I am.

you have no idea how slow I am. They don't even make a chart large enough to trade the trend I am trading.

I already told you, except for brief moments of youthful exuberance, I am always short EUR and AUD.

But occasionally I like to check in and see what the trend actually is.

 

[contra]

Quote from oldtime:

you have no idea how slow I am. They don't even make a chart large enough to trade the trend I am trading.

I already told you, except for brief moments of youthful exuberance, I am always short EUR and AUD.

But occasionally I like to check in and see what the trend actually is.

always short AUD longer term doesn't make any sense to me, the swap is against you, plus the longer term trend is up.

 

[oldtime]

Quote from contra:

always short AUD longer term doesn't make any sense to me, the swap is against you, plus the longer term trend is up.

I hear ya, especially on the carry

ok, if the longterm trend is up I'll just hang my head low for a while, it won't be hard to do because if I hadn't already been doing that it would have been chopped off by now.

 

[contra]

Quote from oldtime:

I hear ya, especially on the carry

ok, if the longterm trend is up I'll just hang my head low for a while, it won't be hard to do because if I hadn't already been doing that it would have been chopped off by now.

well I guess it depends on what you define as long term. unless it's the end of the world and risk ccy's are unwinding fast, im pretty much looking to get long. just look at a daily/weekly chart of aussie dollar.