Ivan's Trade Thread, part II

Towards the close of the US RTH, we are seeing repatriation, settlement effects again, and defensive trading. The good thing was that 136 EURJPY and 101 USDJPY were both passed - and this means there is an upside towards the Yen weakening some.
 
A little late to the party on EURUSD, long at 1.3497, I was slow on
my entry, looking towards a resistance at/below approx 1.3530.
Not entirely confident that it won't roll over, it keeps popping the 1.3485 level.

I bailed at .3512, kept 15 pips

It may have run out of steam for a bit.
 
Trade below begun last night now is green. Outsized stops helped weather today, with my appreciation of price action in yen equities and crude all pretty much accurate (although I'd benefitted from that much more if I'd been more patient in entering).

Like the position and direction more than I like the reward to risk, which isn't great.

Quote from Chood:

Tonight have gone long CAD over usd (futures not cash), three cars avg'd in at 8450, which is about midway of the overnight range (thus far) of 100 ticks. Will hold til each falls to 8330/15/8300 flat, or will avg up/double up if and when 8500 reached, same stops, then close at profit 1-2-3 style of 120,130,140 ticks (8570,-80,-90,8670 ) and again at 170 ticks (8670), with tweaking as needed to get off near the zero. Stops are outsized to the reward due to weird beyond belief price action elsewhere. This slightly-less-than-one-to-one reward to risk is too poor to recommend to home gamers.

Reason: on this day of grotesque price action in Japanese and other Pacific equities, failure of YEN to push to and thru even its high of recent days suggests, if counterintuitively, that usd will not gain on CAD due to economic weakness and more fall in crude. It may due so longer term, say out to and thru 2009, but not short term, ergo the smash-and-grab aspect of this trade.

If all of this reads too prolix for taste, just watch Canadian outperform the US dollar near term, especially or despite price action in other markets, like for crude oil, which oughta lead to contrary result, i.e., CAD loses ground to USD.

Putting this in Ivanovich's thread due to his fond memories of CAD.
More...
 
Position is green and likely to finish today that way. Anyone following CAD have ideas on what to expect next week?

Quote from Chood:

Trade below begun last night now is green. Outsized stops helped weather today, with my appreciation of price action in yen equities and crude all pretty much accurate (although I'd benefitted from that much more if I'd been more patient in entering).

Like the position and direction more than I like the reward to risk, which isn't great.
More...
 
Wrap it up.
After some decent trades, and some genuine foolishness, I managed to finish up 96 pips on the week. Let's see, at 100 units, that's a solid $0.96 cents. Yep, cocaine and hookers for everyone!!
Seriously though, I appreciate the feedback I got this week.
This has to be one of the longest threads I have seen without
some clown jumping in and calling everyone liars and scammers, etc. Have a good weekend.
David
 
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