aARrrghhhhh

I am felling pissed off right now...Aud/usd exit is eating me up a bit and my gbp/exits are hurting as well. The rules will set you free!!!!

KS

Did I make a prudent move by decreasing my stops in usd/chf

Yesterday I moved my stops to a intra-day level. Looking back now its easy to say if I had held my initial stops I would be in the money now.

GBP?JPY Critical Resistance

Watching for break of 234.50-70

Positions Update

I sweeped the book and I have NO open positions.


Eur/JPY

Long at 163.33 stop at 162.50 closed at 163.37 +4 pips
Long at 162.31 stop at 160.25 closed at 163.37 +106

AUD/USD

Long at 0.8739 Stop at 0.8505 closed at .8788 for +48 ( gave back a little more than Iwould have liked to)

USD/CHF

Short at 1.1662 Stop at 1.1845 closed at 1.1700 +4
Short at 1.1706 stop at 1.1845 closed at 1.1733 -71

Long CHF/JPY at 98.72 Stops at 96.85 closed at 98.49 -20

Overall successful day.


I am exhausted today. No market analysis at this time. I don't want to open positions when I dont have a clear mind.

Interesting Video on the Bilderberg Group

http://video.google.com/videoplay?docid=3725493129921826227

I have never heard of this before today. These stories really get me going....

Human Nature

I just don't understand why it is human nature of a trader to want to take profits when they see them? Fear, greed, inexperience, do they not trust themselves?

I just got that feeling, but I am sticking to my discipline and holding to my strategy. After so many years of trading it is weird how these feelings can creep up on you. I'm glad I can sit back and realize and understand my feelings and not let emotion overtake my trading plans ands strategy.

It took me a long time to separate my fears and impulsive thoughts from my trading. Today reinforced my disciplines. I was asked to give an opinion regarding a position of a colleague. I first told him what I thought, then I told him that my mind was biased due to a position a client is in and that I was "hoping" it would work out for the client. I did not enter the trade for the client but I was trying to wish him good luck (which the market could care less about). I then said to my buddy who was asking my opinion "what I see and what I want are two different things, my emotions are counter to what the market is displaying. Go with the market and not my mind."

Learning to detach your mind from your actions is tough and only gets taught in trading. You can't take any classes in that! I bet a shrink would classify a person who was able to separate these factors would determine the person is partially demented or insane.

There is a old trading axiom "cut your losers and let your profits run" well I say, at what point do you run through the finish line? I've defined my finish line, do you know yours?

forex position update

Closed GBP/USD longs at 2.210

For +72 and +4

Current open positions:

Eur/JPY

Long at 163.33 stop at 162.50
Long at 162.31 stop at 160.25

AUD/USD

Long at 0.8739 Stop at 0.8505

USD/CHF

Short at 1.1662 Stop at 1.1845
Short at 1.1706 stop at 1.1845

Long CHF/JPY at 98.72 Stops at 96.85


No new positions in Eur/USD but dailies are looking like we are setting up for a reversal short.

EUR/GBP failed to close above highs, double top or not? time will tell.


Waiting for set ups in nzd/jpy and gbp/jpy....

Thats all folks.

Forex makes a fortune despite City woes

Forex makes a fortune despite City woes

Date: 26-Sep-07

This summer saw the City come in for some serious flak from the media, the government and the civvies – first over the astronomical sums kicking around in the private-equity and hedge-fund sectors, and then over remuneration in the City in general. Today though, comes news that at least in part justifies a hefty salary for the suits: London’s dominance of the global foreign exchange market continues to grow, and is now nearly double that of the US, its nearest rival.

According to the report from the Bank for International Settlements, the UK’s share of foreign exchange trading volumes jumped from 31.3% in April 2004 to 34.1% in April 2007. This at a time when trade in global currency markets was worth more than $3.2trn a day – roughly equal to the annual output of Germany. It’s a phenomenal global growth from three years ago, when totals sat at $1.9trn. The massive rise is down in part to increased interest from retail investors, but mainly – surprise surprise – greater activity among hedge funds.

While bulging wallets are an understandably appealing target for scorn, at least our financial sector is actually beating everyone at its game – unlike our nation’s similarly well-rewarded and equally derided footballers. The credit crunch and the run on Northern Rock has shown, reliance on the financial sector for our general well-being is a rather delicate matter of confidence. News like this can’t do any harm.

Success in the finance sector is of course there for the taking. Look at Peter Cruddas, founder of CMC capital and MT's Entrepreneur of the Year this year. Read about his achievements in this archive piece.

ML Bank news

Inflation is our focus
The Fed decision will likely feed inflation.. Inexpensive currencies mean
higher inflation, regardless of Fed action. Fed easing may trigger hesitation in EM
central banks, and higher inflation may follow. Following the Fed decision, at five
EM central bank meetings, four left rates unchanged in EMEA and LatAm. Asia will
likely remain the more hawkish region and Taiwan hiked yet again last week.

EUR/GBP

Eur/GBP what mover....I haven't seen this thing move like this since July 05...Beautiful daily charts. If the market holds above .7025 I'm looking to buy buy buy.....

End of Day position update

Maintain Long gbp/usd longs at:

2.0139
2.0206

stops at 1.9820

No targets as of now...looking for key reversals, or retest of 2.0600
Weekly resistance warnings at 2.0314


Eur/JPY

I was long last week and took small profits...

Long 162.30 stops at 160.28

USD/JPY

Waiting on confirmation of trend on dailies. Seems to be setting up for a long, I wont initiate trades until a daily confirmation close above 116.55.

EUR/USD

Euro is strong like a bull. I will only find entries on time frames under the daily....Support is around 1.4070.

Out of the box FED meeting explaination.

So last week the FED cuts rate again lower the value of our dollar. In some people's view our (the USA) country and dollar policy makes our good cheap NOT inexpensive (i define inexpensive as something that is a good value buy and that will increase in price at a later time) This was confirmed by the Saudis who have over $800 billion invested in our economy and are now nervous about their investments. That is a whole other topic that I don't feel like going into right now.

So where am I going with all this. Hmmmmm. It was very interesting what happened hours before the FED announced the cut in rates. Do you remember? The US Armed forces reported that Al Qaeida bombed a Iraqi oil line. Wow is that convenient. Humm, I'm the FED and I am about to make a terrible short term mistake that can have a long term negative effect how can I benefit from the price of oil increasing?

My crazy belief is that the FED was able to cut rates so much which would inherently decrease the value of the dollar because they KNEW oil prices were rising. Since oil is ONLY traded in USD, all nations would need to increase their USD reserves ergo stabilizing demand for the dollar.

I bet you that will make you think? Please let me know your thoughts? Am I "Mad or a Genius"

09-25-07 Fundamental Market Sentiment

Last week when the US FED raised rates I was extremely puzzled. 50 basis point drop!!! Are they for real? Here is what I think. The US government is thinking ultra short term. The lowering of rates will enable lenders and people who suffer from this credit crunch to have "short term" survival. At the same time the US continues with its weak dollar policy and why? To support the "housing crisis and stock market?" My feelings as a trader are to cut your losses, squeeze out all the week legs from the credit crisis and stock market and rebuild with a solid foundation.