I’ve booked ( and I do mean booked….ie sold positions and placed the money on the “plus” side of the account ) an additional 4% here this a.m – as per the trades outlined just yesterday.
If there is one thing I really can’t stand – it’s watching these “real profits” disappear during the NY session as the usual “POMO ( permanent open market operations ) pump job” continues to mask the true fundamentals….lurking underneath.
More often than not, an entire “weeks” worth of planning/strategy and profits can be completely “wiped clean” during the NY session as “counter trend rallies in reality” ( as I like to call them ) play out daily.
You’ll note that Asia and the commodity currencies got absolutely hammered last night with the Japanese Nikkei down a whopping 445 points, yet today “during the con job” I don’t imagine you’ll hear a thing about it.
Do think it just might be possible that our dear friends in Asia woke up to see the NFP / employment numbers out of the U.S and said: “Holy shit – that’s crazy!! What the hell is going on over there? Are these guys seriously talking about “recovery”? Bleeep! – sell.
Left to their “own devices” U.S markets should be crumbling like a moldy ol tortilla – left to sit out on the counter too long.
I’ll tuck my pennies in my pocket and continue on “after” the gong show rolls through.
For the UK readers, Mr Gone Kong, when is after the Gong …. after the start or the end of the NY session??
He he he…..hey John well….
I’m not “gone” as much as “cautious / suspicious” of the “morning activity” there in the U.S….
Don’t get me wrong, I sit here daily just like everyone else- only that….when it comes to taking profits / seeing the NY session come around I’ll usually take my chances in “missing a pip or two” – and put those hard earned profits in the bank.
Shit I just saw my pips reduced to almost 0 during the NY session… fuck fuck fuck. Do you always avoid NY session?
It’s another one of those areas that’s difficult to teach / show people short of having as much experience “actually sitting” and viewing markets in real time but…..
For the most part….if I’ve got “anything reasonable” sitting on the table around 6:30 a.m and am appoaching NY session – you’ve got it.
I take it before “they” do.
I took my chances with NY session ….and congratulations to everyone who did not close USD/CAD position yet 🙂
You bet Franky – I’ve jumped back on CAD across the board as well as several others.
We’ve actually got a continuation of trend here! I can’t believe it!
Go man go!
Glad I booked some profits earlier today as well, as I mentioned in the previous post about insuring gains are locked in (sometimes you’re happy, sometimes you miss a bigger move). Shorting EUR/CAD, looks good to me right now.
Kong, good post. I’m glad someone said it. Over the past 5 or so months the US session has basically pissed me off with its divergence from other markets. Overnight flight to safety…..dip gets bought in US trade…rinse repeat. I do believe, however, it is different this week. I’m holding onto my drawers and putting my helmet on. My positions aren’t that big anyway so I can afford some sloshing about.
whoops that was JSkogs
For the most part the move has already been made overnight – then the U.S does it’s usual “rinse job” on those rushing in to get involved in the a.m
I agree 100% this is different here today. It feels like it “should”!, and reminds me of a “not so distant time” when you could place a trade and see it go in the same direction for more than 2 days in a row!
I’d love a break from this grind / trade environment, and get a chance to pull out on the highway for a week or two.
Good luck to you.