June 17th Greek Elections Will you be Flat the Euro?

[JB3]

I would not be surprised if several central banks take this opportunity to devalue their own currency. Bank of Japan would love to flood the market with cheap yen to drive up their anemic exports. Big Ben is just looking for a reason to fire up the QE3. And Bank of England already started their stimulus package early.

But this only happens if the Greeks exit. I think you will see a drop in the Euro early, then a concerted effort by the central banks to bring the Euro back in line before Monday morning. If the Greek doesn't exit, then the Euro will probably rally....then go through this cycle again in another 3-6 months.

 

[RCG Trader]

Quote from athlonmank8:

What do you mean by "building" a position? Is the FX market not liquid enough?

It sounds like averaging down actually.

lol.

Are you familiar with selling rallies and buying dips based on what your overall bias is.

Ever heard of getting the best price and not just clicking that mouse?

 

[oldtime]

Quote from RCG Trader:

lol.

Are you familiar with selling rallies and buying dips based on what your overall bias is.

Ever heard of getting the best price and not just clicking that mouse?

no kidding, in forex where you have complete control over size, it is much more like being a rich stock trader.

Since I switched to forex, I trade a lot more like Warren Buffet.

I want it, but not that bad at this price, if it dips, I'll add some more.

 

[vincentvega]

Quote from AMBRITCapital:

I'm gonna go all in, balls deep, max leverage SHORT the EURUSD...getting ready for the huge gap down come Sunday.

Check out the day after the USA downgrade. The futures spiked up before coming down.

 

[RCG Trader]

Quote from oldtime:

no kidding, in forex where you have complete control over size, it is much more like being a rich stock trader.

Since I switched to forex, I trade a lot more like Warren Buffet.

I want it, but not that bad at this price, if it dips, I'll add some more.

I cannot understand why people lock themselves into contracts. Every chance I get, I say, get thee to Oanda. There is a currency pair that correlates to your particular drug of choice, whether it is gold, oil, or the Dow.

Why deal with contracts when you can control your risk to the sub-penny?

So yeah, fx definitely allows you to trade like a big boy, which is the only way to win.

 

[oldtime]

Quote from RCG Trader:

I cannot understand why people lock themselves into contracts. Every chance I get, I say, get thee to Oanda. There is a currency pair that correlates to your particular drug of choice, whether it is gold, oil, or the Dow.

Why deal with contracts when you can control your risk to the sub-penny?

So yeah, fx definitely allows you to trade like a big boy, which is the only way to win.

I don't know anything about Oanda other than some articles I read interviewing the founder. I know they are a MM. I personally prefer an ECN and trade with ib.

 

[RCG Trader]

Quote from oldtime:

I don't know anything about Oanda other than some articles I read interviewing the founder. I know they are a MM. I personally prefer an ECN and trade with ib.

Many do. I personally will give Oanda their two pips with no commish.

 

[oldtime]

so getting back to the topic, this whole Sunday election EUR thing is starting to sound like Facebook. Everybody knows what is coming and has already made their mind up. The gap in EUR for me last Sunday was quite substantial. I doubt this Sunday will be much different.

I'm long CHF but neutral on USD

 

[RCG Trader]

Quote from oldtime:

so getting back to the topic, this whole Sunday election EUR thing is starting to sound like Facebook. Everybody knows what is coming and has already made their mind up. The gap in EUR for me last Sunday was quite substantial. I doubt this Sunday will be much different.

I'm long CHF but neutral on USD

Long the dollar for the same reasons. If Greece stays in, QE, Euro gets hurt. If Greece gets out, Euro unravels state by state, bad for the Euro. Either way, the Euro is screwed. Now, or later.

 

[oldtime]

Quote from RCG Trader:

Long the dollar for the same reasons. If Greece stays in, QE, Euro gets hurt. If Greece gets out, Euro unravels state by state, bad for the Euro. Either way, the Euro is screwed. Now, or later.

I'm always comfortable being short EURUSD, But when I get long I swap out to a short USDCHF, just in case

USD is the big question. Most consider it to be unnavigable, and for the moment I agree

You're long USD? It sure didn't seem to be toppy when it broke 83 on the DX