thread: Do The Trading Room

The eur/usd isn't looking as strong as the aud/usd however I think it has more to do with eur/jpy sales compared to anything.

I've put in a bid on eur/jpy in 14915 (@ 1:2). I think we have got a long way to go.

The brief usd/cad trade has not done much with the combined usd power in the other pairs. My cease at 1155 has not been filled. I have put in a halt over yesterday's Retail Sales high at 1220. CPI comes out 1 hour from today so I'll just sit tight.

My usd/jpy provide was also hit overnight in 11600 (@ 1:2). If we get above 11650 I start considering getting out.

[12:28 EUR/USD: Soft New York Opening Has US Traders Re-evaluating] New York August 22. Softer than anticipated Eurozone data was the backdrop to its NY open, with most of the damage done already. The pair is trading at a tentative 1.2805-15 range as spot traders attempt to re-arrange their thought processes. After the US market came in together with the Euro roaring like a bull, making new highs for the month, and even at the end the pair was still clinging to the vestiges of a potential instantly bull run. Weak ZEW (act. 1.3 exp. 15.0, prev. 18.1), and feeble EUR industrial orders has knocked the stuffing out of the pair, but traders are reluctant to sell here.The Chicago futures market has dumped about 50 mln EUR or so, and futures traders are poring over their IMM charts to determine exactly how feeble this sell off has produced EUR/USD look.
Source: [IFR Forex Watch]

I am going to hang in here. Aud/usd is still looking strong, and the eu/usd is holding above Friday's low. Usd/jpy is still holding onto 116.50 but if I need to start covering my usd shorts it's going to be the first to go. Usd/cad is actually weaker and my sell stop was hit so now I am I have doubled my usd/cad brief to 1:4 with an ave. price of 1167. I am also looking into cad/jpy now that's approaching the critical 105.00 area.

Here is the chart of my entrance on the eur/jpy (149.15 @1:2).

Today I believe prognostiion is 5% and implementation 95%. It's all about implementation and that's why trading off long-term fundamentals is so hard - you might be correct in the conclusion but your pay-off might not be that great. You can still be wrong and make money. Short-term fundamentals (read market mechanics) need to be part of the trading plan,'cause, like I said, it is all about implementation.

I am still holding onto all my positions and have only had yet another offer in usd/jpy stuffed at 11661 (1:10) with a tight stop at 11687. I think we are overstretched and with all the stops at 11685 having only been washed out a reversal is likely. Infact, I've been hoping the usd/jpy to fall really difficult shortly - this could be the top.

I have determined usdcad is far overextended and have taken my profits at 1064.

The audusd buy stop got filled at 7645. And I am holding 1:6 leverage.

I have put in stops on the eur/usd in 2780/2770

According to me closing my brief usd/cad I have also gone brief cad/jpy in 105.13 (1:4).

On the aussie; the chart shows that there were stops washed out 7560 and then we got the immediate pop higher. After trading in a 150 pip range for almost a month this may be the stop washout that was needed to let the market move higher. *As a side note, these stop washouts tend to precede huge movements *