I’ve finally sold both EUR/USD as well GBP/USD, blowing out the EUR/AUD and NZD for the piddly gain of 2% on trades entered last Thursday.
I can’t say I’m particularly thrilled with either the performance “or” the current price action as a bounce in the commodity currencies took a couple of trades off track.
There is no fundamental driver for the smaller move up in both AUD and NZD, so I will be keeping my eye on near term resistance spots, to fade.
Considering that the US Dollar “has” continued to slide as suggested – picking your trades and your pairs hasn’t been as straight forward as one would imagine, with pairs like USD/CAD just “hanging” for days on end. The European currencies the obvious winners with the big moves vs EUR, GBP and CHF.
I’m more or less back in cash now as I would rather sit “outside the market” til at least a couple of things get straight. In general it looks like this will likely stretch out til the end of the year with equities making “one more last higher high” before rolling over into a mid-term decline.
The relationship of USD falling and gold catching a bid “is” coming along, but as suggested – no swinging for the fences down here please.
Oooops….I just reloaded both EUR/USD as well GBP/USD for additional shot at further upside, and will just lettem do their thing.
Aud/jpy and Cad/jpy closed too?
I’d jumped out of the JPY trades the same evening….as we saw the move during Asia session that night.
This will be like….the 7th attempt at around the 97.00 area in CAD/JPY so a new short “wouldn’t be a bad shot” but as I mentioed with anythin JPY related – you better be ready to dump in an instand, positions small and expectations low.
Frankly, as this is my “second attempt” at getting long JPY in the last few months….I’ve more or less resigned myself to just letting it play out “first”. Kongdicator came up with short /NKD futures Friday afternoon – which now appears to be performing fine but……
It’s undoubtly the #1 most stubborn trade I’ve come up against in a while, but with the short positions so one sided.
We know what happens to boats when everyone is sitting on one side right?
Hi kong.. r you talking about one sided shorts on nikkei or one sided shorts on the yen?
I’m not sure of the exact figure but I think it’s something like the largest short position in Yen in over 6 months type thing.
For the record, when you are trading currencies, you are always “in cash”. The most you can do is be deleveraged.
Have you closed usd/jpy positions too?
Ya I guess most missed it in the comments there that very same day/evening.
I jumped ship that very same evening on the few small JPY’s I had.
Yea I was waiting for your reply. Still holding aud/jpy now 🙁
I posted the full post and used AUD/JPY as an example.
As far as 100 pip volatility goes….I’d not be too worried as I don’t expect it to push past 94.50 – 95.80 area.
It’s been trading here FOREVER!
I’ll look for an opportunity to close all aud/jpy positions soon… Seldom look at this pairs. Thanks for your advise!!!
Watch AUD across the board as……it’s taken a “short term bounce” but I don’t expect much more out of it than that.
AUD/JPY could just as easily trade -100 pips in coming days so……stay calm, keep your eyes peeled, and I “hope” you are trading small enough to push thru this “frustrating period”.
Not big but medium size. Lolz…it really frustrating huh! Yep i will watch it closely but tiring… now it’s about my sleeping time. 1.11am here now 🙁
It will alllll be there waiting for you again in the morning!
Ok good night kong…
Thanks for the post Kong. Yup looks like a little more movement up in risk from here.
and BTW I haven’t been making any USD trades this week but just looked at a few crosses and I believe you had some pretty sweet exit timing. Nice trade!
Yes Ive done very well on riding GBP these last several weeks, as well caught a big part of the EUR move vs USD.
WOnky trading out there though so….as usual – “still” not steppin on any gas pedals.