Thread for Thursday/Friday Traders, August 12/13, 2010
Here’s a thread for those of you interested in keeping in touch for Thursday/Friday trading.
I’ll be gone most of the day, but will poke my head in when I can.
Be good to you!
Triffany
About Triffany
Triffany Hammond helps traders of all levels, gain the tools, resources and guidance necessary to build on their strengths and work around their weaknesses so that they can make the best possible decisions for themselves in the Forex Market. Triffany is a regular speaker and contributor at FXStreet.com and heads "The Human Element" a blog dedicated to trading psychology at ForexMotion.com Want to know more? She was recently profiled in "FXStreet.com's Women in Forex" Series.
You can contact her at Triffany(at)Triffx.com
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Good Morning. I am currently long usd/jpy pts 85.98, 86.31 sl 85.25
Good one George! I already took profit on USDJPY (prematurely), but if it dips below 85 again I’ll happily buy again. Good fundamentals on this one too.
I really got hammered on my yen trades a few days back, but made some back on today’s moves.
Currently long EURUSD, PTs 1.29, 1.2985 SL 1.2795 (b/e); long NZDUSD, PT .7190 SL 70.50 and some exotics.
George – I just got short USDJPY, looking for 85.45s, SL 86.20 (will scale in below 86.10s)
You have my empathy I had the same hammer problem with thegbp/chf but it has made me lots of money over the last couple of weeks so I guess it is ok to give some back ;o)
Yep, it’s a bit like that…. munch, munch, nibble, nibble.
Nice call on the pullback yaqui looks like the 86.00 is a good resistance point! ;o)
Still very early days…
Just took a short on CHFJPY too. SL 82.10, PT 81.25. Tight SL, happy to give it +10 though, RRR still viable.
Man these unemployment numbers is really depressing!!!
I don’t think it was too surprising on the back of NFP last week.
Thanks Yaqui, I thought this thing rolled over…… Obviously not. I haven’t been paying much attention, but took nice profit on the long EJ
Well, a pretty quiet London close… so I’ll close up shop too.
Double check everything’s in order, SL PT, … sorry Triffany, your trade journal comment cracked me up. One wonders if it’s possible to be too disciplined… 2 steps ahead…
No kidding! Isn’t that silly? As with all things, it seemed to have happened for a reason…those trades would be stalling right now and I can really use the day off tomorrow!! Whoot!!
From Seth Godin’s Blog:
People seem to be in one of two categories:
* Those who seek stability, affiliation, work worth doing and the assurance it (whatever it is) will be okay.
* Those who explore, need to know that failure is an option and quest to make a dent in the universe.
You can be in either category, the world needs and rewards both. But pick a brand and a job and a posture that matches your category, or you’ll fail, and be miserable until you do.
Hint: there is no category of: “does risky exploration, never fails.”
Well, unless you’re Bernie Madoff…. but yeah absolutely. The most successful people are the ones who ‘failed’ the most.
Seth Godin is excellent – sooo insightful!
Still in my yen shorts – stopped out of CHFJPY by +4, meant to loosen my stop +10, happy to reposition if it squeezes above 82.
Still long NZDUSD. I have an opposite bearish pattern showing retracements to 7105s, may add on…
Still in 2 exotics, AUDCHF, AUDNZD (new trade from earlier in the week).
Commonly traders can be classified as trend-traders or counter-trend traders. Personally, I never considered myself a ‘counter-trender’ and always thought of these terms as too much of a generalisation. I mean, really, where does one begin and one end… not black and white to me.
Sam Seiden was asked yesterday whether he was a ‘counter-trend trader’ and his answer captured my sentiments perfectly.
~~~~~~~~~~~~~
I don’t consider myself a counter-trend trader at all.
I’m not looking at trends the way most other people do. Because we know that every uptrend starts at a demand level (concept comparable to support) and ends at a supply level, and vice versa, I focus on getting in at a level at the *beginning* of the trend.
That’s the whole key, getting in before other people do.
(He gave an example, where some people might say that we’re ‘counter-trend trading’, we’re shorting in an uptrend.)
(Think about it) … if you’re in the business of selling something for a profit, you want to sell when prices are high and about to turn lower.
We’re betting on the uptrend ending and the downtrend is about to begin.
~~~~~~~~~~~~~
What does everyone think?
Did I open a can of worms??
Any well-thought sure fire plans? Watching EU, its at bottom of 4 hour box range and this would be a good place for a retrace bounce before it breaks below 1.2774
Watching the USDJPY 4 hour. There is a negative slope channel with price hanging at the top of the channel. There is also horizontal resistance at 86.169 A break below 85.748 might take it to just below 85….. Any other opinions?
Nothing on my radar Jerry.
I’ve closed most of my positions…. not likely to enter anything unless ultra short term.
I dunno if trader’s are a superstitious bunch (??), but it’s a Friday, and it’s the 13th, and it’s summer…
Yes, Yaqui, traders ought fear Friday the 13th…… I thought about that. My micro miniature retrace on the EU worked with some angst attached…… I have nothing on either. Have a good weekend….. Cheers.