Daily EUR/USD trades

[bjohn]

Well, it's really no different than trading a stock, in a practical sense. You can trade it exactly as you would a stock. If we're talking about stock-index ETFs, the advantage is that you can trade a specific industry or sector - or entire market - without having to buy each individual stock.

If we're talking about commodity ETFs, though, I don't know about those. I've traded the Gold and Oil ETFs, but they tend to lag the things they're tracking. For example, if Gold is up 2%, then GLD (the ETF) might be only up 1.9%. If Gold is DOWN 2%, on the other hand, GLD will be down 2.1%. So, I don't like them for long-term trades. short-term, maybe.

(on the other hand, you can see the advantage in shorting it)

 

[grazia_s]

Quote from Ganndude2004:

I was trading the USD/JPY until I finally recognized that the EUR/USD was in a downtrend.

I am not sure why , but I prefer being short over being long in anything I trade.

haha, me too for some reason...maybe simply because I know that the party has to end some time

 

[bjohn]

Quote from Ganndude2004:

I was trading the USD/JPY until I finally recognized that the EUR/USD was in a downtrend.

I am not sure why , but I prefer being short over being long in anything I trade.

Another question for you, by the way: if you feel that the EUR/USD has turned around, then you must also feel that the US dollar (in general) is going to continue to rally for a while - yes?

 

[Ganndude2004]

Quote from Ganndude2004:

assuming I am correct - this reaction to the downtrend, will reach $1.3464 ish.

We printed 1.3462 - at 15:10 and again at 15:15 on the 5 min chart. Close enough for me.

 

[Ganndude2004]

At this point I am flat....I have a sell order at 1.3456.....have a great day everyone.

 

[bjohn]

While everyone is assembled here at once, I have a general question: does anyone know how I can store physical currency - non-USD currency - somewhere? Being a US citizen, I'm finding this difficult. US banks won't do it. HSBC will allow me to open an account at a branch in a foreign country, but only after I've been a member in a US branch for a year. Is there an easier way to own foreign currency? Does anyone know?

 

[grazia_s]

Try Deutsche Bank or UBS, actually any swiss bank. They are so international, they'll point you in the right direction....one of the issues with this country is that you simply can't do simple things like this....HSBC should be good, I like them.

 

[bjohn]

Very good; thank you very much.

 

[Ganndude2004]

Quote from bjohn:

While everyone is assembled here at once, I have a general question: does anyone know how I can store physical currency - non-USD currency - somewhere? Being a US citizen, I'm finding this difficult. US banks won't do it. HSBC will allow me to open an account at a branch in a foreign country, but only after I've been a member in a US branch for a year. Is there an easier way to own foreign currency? Does anyone know?

I would think any bank will let you store it in a safety deposit box....but that also means 0% interest.

 

[bjohn]

Right, right, but first I'd have to acquire it, then store it for no interest - but then again that is always a last resort option.