Oct 31 - Nov 5, 2010
Oct 31 - Nov 5, 2010
We got A spike just after opening yesterday, which went as high as 113.32 in less than a minute, and then back down. We are about 90 pips in profit right now. You can take that or wait for the TP. Lock in at least 30 - 50 pips of profit.EURJPY short 112.83 SL at 114.00 TP 110.70
We have about 90 pips of profits here as well. Lock in 20 pips of profit.EURGBP 0.8794 SL 0.8860 TP 0.8600 Aggressive traders can try to enter at 0.8750.
We are going to stay out of the market (except for the above orders) until the Fed announcement on Wed, Nov 3.
Levaz
Levaz- Posts : 498
Join date : 2010-02-19
Age : 54
Location : Toronto
Re: Oct 31 - Nov 5, 2010
Levaz wrote:We got A spike just after opening yesterday, which went as high as 113.32 in less than a minute, and then back down. We are about 90 pips in profit right now. You can take that or wait for the TP. Lock in at least 30 - 50 pips of profit.EURJPY short 112.83 SL at 114.00 TP 110.70We have about 90 pips of profits here as well. Lock in 20 pips of profit.EURGBP 0.8794 SL 0.8860 TP 0.8600 Aggressive traders can try to enter at 0.8750.
We are going to stay out of the market (except for the above orders) until the Fed announcement on Wed, Nov 3.
Levaz
Both our orders got hit with the FOMC news that they will be "creating" USD 110 Billion per month for at least the next 6 months, while keeping a close eye on progress of said QE2.
Basically, this means short USD for now, long everything else - in very simplified terms.
I am staying out for the next couple of days to see for any surprises from the BoJ as they brought forward their scheduled meeting from the weekend to tomorrow (right now in Japan actually). They may try to alter the course of the Yen, now that the FOMC play is out.
Levaz
Update - Nov 4th 2010 - I realized that I made a error about the BoJ meeting - It will tonight, i.e., Friday morning in Japan. Today was a crucial ECB meeting announcement. Meanwhile, do not trust the Euro rise, as the Fed gambit may just backfire - the spreads to insure Irish and Greek debt are sky-rocketing to new highs. This should stem the USD debasing. However, current market pricing do not reflect this yet nor are they reacting to this bit of news. Also, we need to see what the BoJ has in store as far as taking action to protect their economic interests.
Levaz- Posts : 498
Join date : 2010-02-19
Age : 54
Location : Toronto
Re: Oct 31 - Nov 5, 2010
We now await the BoJ decisions to see if they will be taking steps to intervene - either directly or indirectly. In the interim, USD shorts and Euro/GBP longs seem to be the way to go.
Get in at the lows for the longs and get a quick 20 - 50 pips - get out as soon as possible. You do not want to be caught trading IF the BoJ makes strong statements of protectionism.
I have the following trade, which should be "relatively safe" under the circumstances
CHFJPY long at 84.00 SL 82.00 TP 85.50
Levaz
Get in at the lows for the longs and get a quick 20 - 50 pips - get out as soon as possible. You do not want to be caught trading IF the BoJ makes strong statements of protectionism.
I have the following trade, which should be "relatively safe" under the circumstances
CHFJPY long at 84.00 SL 82.00 TP 85.50
Levaz
Levaz- Posts : 498
Join date : 2010-02-19
Age : 54
Location : Toronto
Re: Oct 31 - Nov 5, 2010
Levaz wrote:CHFJPY long at 84.00 SL 82.00 TP 85.50 Levaz
Came very close to our buy price, missed by less than 10 pips. I am hoping some of the more aggressive trades would have picked this one up at the lows. I was a bit impatient as I saw the pair stalling a bit in early Asian trade. So I got in at 84.38.
Levaz
Levaz- Posts : 498
Join date : 2010-02-19
Age : 54
Location : Toronto
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