Forex Forum Archive for 01/04/2003

jerusalem serge 23:22 GMT January 4, 2003 Reply   
Thanks VA Raven for your reply but things might be a little different now as that entire 1100 pip move in swissy has not corrected yet and the SNB and BOJ are talking about intervention and even a move to 137.50 would still see a retracement to 1.40 and same with euro to 1.06 but in principal you are right it is better to be protected and take that small loss ,anyway these are very small positions that i have.
Also it looks like the traders did not want to take dollar long over the weekend but it looks like they will be back on monday to make their few $ on the correction.

Va Raven 23:00 GMT January 4, 2003 Reply   
Jerrusalem Serge, for the pure purpose of discussion, I digged out the exchange that I had with Paris JOM from the Archive when USD/CHF was around 1.44;
"Va Raven 11:47 GMT November 8, 2002
The whole "situation" is making usd/chf very hard to hold 1.4 line by yearend..... which is less than 60 days, JOM."
USD/CHF made almost a top at 1.49 and then down under 1.39 since then. I would have taken a big loss if I acted too quick on my view or happy with a huge gain if not acted too late.... the point is tha I can't afford 500 pips loss in one trade although I love the 500 pips gain in one position.

Jerusalem Serge 22:33 GMT January 4, 2003 Reply   
Like Oliver from Geneva i also bought 2 dollar long positions
EUR/USD @ 103.65
USD/CHF @ 140.10
I am planning on riding it out without stop losses as these levels seem to be in the playing range for the next week or two even if the dollar continues to weaken. My question was what should my target be for these against medium trend positions should i just look to cover my losses and aim for 1.0350 1.4030 or i should aim for more.
I would appreciate some advice.

Geneva Oliver 22:31 GMT January 4, 2003 Reply   
Va Raven 22:18 GMT

Thanks for your opinion. I shall study that before the opening and I shall tell you what I attend to do. I am not happy with myself because I am actually quite bearish on the dollar and bullish on gold.

Thanks

Memphis 22:22 GMT January 4, 2003 Reply   
My typing also leaves a little to be desired.

Memphis 22:20 GMT January 4, 2003 Reply   
I'm new here and also new to fx. At risk of looking like an idiot I wanted to ask you guys If you trade for yourselves or for customers or an employer. What are your opinions of online trading with people like Gain Capital? I've been luck enough to make some decent money the past few years and have grown very tired of gambling. The whole concept of fx intrigues me and I would liek to learn more. Where do most traders get there true FX education from?

Regards

Chris

Va Raven 22:18 GMT January 4, 2003 Reply   
Oliver, in general, short term, the market is looking for a correction for the oversold dollar while the condition seems not fully ready and that's why we had such a trading patten of the first two days this year.
Euro can be easily sold off at any time with any trigger on the way up from here for the short term (this month) depending on the day-to-day development in the war speculation - most part of dollar weakness has been sofar resulted from that issue. So, your positions have the potential to profit for decent results at anytime - 1.0270 in eur/usd and 1.5910 in gbp/usd are all real targets in very short term.
Now in specific, if I had such positions like you are holding, I would consider three options; 1) Do nothing and let the market run its own course since my stoploss has set to limit any further risks; 2) Cut the half positions when the market opens and leave the rest for option one; and 3) Buy eur/gbp and sell gbp/chf with 0.6449 and 2.2561 tight stoploss.
Last, I might want to change the stoploss for gbp/usd position to 1.6141.

Oliver, I could be totally wrong with all of these 3 options, but that's exactly what I will risk for the potential gains. Personally, my short gbp and euro positions were all stopped out last Friday at 1.0406 and 1.5991 giving out almost half of gains if I close them at 1.0350 and 1.5910, but I was looking for 1.0270 and 1.5845. I don't argue with the market but risk it with limitation. Still holding long aud/usd from last Friday and looking for 0.57 breakout which should be the same direction as your positions.
Good luck!

Geneva Oliver 21:39 GMT January 4, 2003 Reply   
Va Raven - Thanks

Toronto BA 21:28 GMT January 4, 2003 Reply   
I am in the new forum- I like the save initials option-
----------------

Geneva- two things I learned from trading stocks-
1.- set a stop loss and stick to it-
2.- Take a small loss and look for another opportunity-

Why it took me so long to learn?
I was always hoping that the trade would turn out- but I would lose the energy necessary to follow it, or focus on other trades or other issues- end up losing more than I should have-

These simple rules would have saved me a lot of dough-
Now I will live by them-

Va Raven 21:23 GMT January 4, 2003 Reply   
I think Oliver's questions/posts are the true case of real people with real trades. Its a good case for a non-bs discussion.
Oliver, the positions are poor and the risk is there, but it's limited since you have set the stoploss. Dont expect too much from the forum, the best you can get is the discouragemnet and encouragement. I believe you are here for real, so I will try my 2-cents to discourage/encourage you at good will later after I finish my readings.....

Geneva Oliver 20:54 GMT January 4, 2003 Reply   
To NYC 20:09 GMT January 4, 2003
Opened - EURUSD - 1.0365 - Sold
Opened - GBPUSD - 1.6060 - Sold

That is the average
Oliver

TOR 20:52 GMT January 4, 2003 Reply   
Any view on aus/usd and usd/cad for the coming week?

NYC 20:09 GMT January 4, 2003 Reply   
Olive, where did you open these two positions, I mean the entry levels?

Geneva Oliver 16:33 GMT January 4, 2003 Reply   
Hi to everyone - I do not participate too much in your discussion (but I do follow your ideas)and I would like your opinion about the EUR and Pound. I am bullish on this two currencies againt the dollar but like a dummy I decided to short them on Friday thinking that I would make an extra buck. Now, I am tempted to take a lose and go long these 2 currencies.
Shoudl I want a little before taking a loss and what stops would you recommend from the Friday's closing levels.

Presently, I placed a stop for EUR/USD at 1.0456 and Pound/USD is only 1.6121. Any opinions would be appreciated. Thanks

Global-View 15:49 GMT January 4, 2003 Reply   
waterloo yong 15:13 GMT January 4, 2003
Contact us and we will explain.

hk revdax 15:29 GMT January 4, 2003 Reply   
Tony//IMVHO...Euro will resume its down trend next Monday but that is all I can see. Tell me something about where you are living and the best things to do over there. Any good food a/o beautiful girls ???

waterloo yong 15:13 GMT January 4, 2003 Reply   
Gen dk hi.. when i looked at your trading signals subscribes, i don't understand what the long and short means.. what's the long position ..and short position. is that means buy position,and sell position?

SHENZHEN Laowen 12:58 GMT January 4, 2003 Reply   
Test!

barcelona tony 11:42 GMT January 4, 2003 Reply   
hi Revdax, your views on euro and her highness?? :-) TIA

HK Revdax 11:38 GMT January 4, 2003 Reply   
RF//That is OK. They all represent knowledge.

Hong Kong nt 05:02 GMT January 4, 2003 Reply   
KIWI--seems more patience is needed before buying on a decent pullback, say, 500 pips from whatever top level, e.g. 0.55...

AKL BOZO 04:49 GMT January 4, 2003 Reply   
Hi..I'm new here and new to Forex. Can anyone recommend a trading course for a good grounding in the basics?

HK Revdax 02:29 GMT January 4, 2003 Reply   
HK ab//Not sure about Jan but next Monday the geese might attempt another southern migration with the Euro.

Philly brm 02:13 GMT January 4, 2003 Reply   
hi - I'm new to the site - I have a longer term focus and I currently trade with company that charges me for holding a position overnight. Is that the norm? Any way to avoid this overnight charge? thanks!

Gold Coast L 01:40 GMT January 4, 2003 Reply   
Hi Jay , I am in

Toronto Sparker 00:57 GMT January 4, 2003 Reply   
check...trying out the new site..