Forex entry

[layinwood]

As some of you know I like to invest in the Forex market and do very well with it.

I'm going short on the Eur/Usd at 1.4105. My stop loss will be 1.4550 and my target profit will be at a minimum 1.3600. So if it hits I'll gain 950 pips and if it loses I'll lose 445. I'll be investing 3 lots on this. A pip in each lot is $10.00. So I'm wrong I'll lose 13350 and if I'm correct I will gain 28500.

 

[ssd]

Layin:

That is one hell of a deep stop loss!

I invest in forex as well. I have been short eur-usd from 1.43.

I was also long Aud-usd but closed that today after giving back a lot of profit.

Best of luck on your trade. If you have not entered, perhaps wait until after the NFP on Friday am. Volatility around this release is killer (as you probably well know)

 

[layinwood]

SSD, it is a big stop loss but I'm 2 to 1 on my profit to loss ratio so I don't mind. I put the stop loss there because in order to get there it would have to break through several areas of resistance.

And yeah I thought about waiting for the NFP but I would hate to miss a big move down because of it.

 

[layinwood]

Argh, what a hell of a time in our world to make an entry on a longer term play. The price is going up and approaching a big trend line. If it break that then this trade is more than likely going to be a loser. I don't mind losing trades but the last few days have been very screwy.

If the price holds or gives me some price action at the trend line then more than likely I'll make another play short for around 100-150 pips.

 

[ssd]

GL, layinwood. Crazy volatility and the FED saying they will keep rates low for 2 years basically makes the USD the funding currency for carry trades.

European debt crisis is there and Merkel is under intense pressure from German people about the EFSF. I hope your trend line holds and this moves in your way.

Best of luck on it.

 

[layinwood]

Price came to within 15 pips of my stop loss but the trend line held and now we're getting some great price action off of the TL. Some call it a shooting star, a hammer but I like to call the Pinocchio noses because it lied to you on what it was going to do. If this continues to hold and the next 8 hour bar breaks below 1.4372 then I'll go short with 3 more lots. A stop loss right above 4470 and a target of about 100 pips(haven't worked out the numbers yet but it's right around there. I might go with a little more depending on how the price action on smaller time frames is looking. This looks like it's going to ride the channel back down to the sub 3900 area. I am a little worried about my first short on this because it's tested the top trend line so many times. This one should be fairly short, hopefully will be out by tomorrow morning.

 

[ssd]

Looks like you are making some serious pips this am

 

[layinwood]

SSD, are you still short on the Eur/us?

I don't know if you have looked at a chart but I came within 1 pip of hitting my stop loss, now it's within 50 or so pips of my target profit. As of this morning I'm up 27k+ this trade. I've tried not to look at it. If it gets down 50 or so more pips I'll probably jump out, wait for it to retrace a little and get back in. Shorting the Eur is free money right now.

 

[ssd]

Yes. I am also looking for 90 on the Eur-Jpy as well. Been in that one for a while. Short Aud-US from 1.04.

I may take some units off on these for profit.

If Germany leaves the Euro-zone, I see euro-US at 1:1.

If a few PIIGS leave the Eurozone, I could see Euro-US at 2.25:1.

Short the S&P as well from late July, long term trade but I have also been trading it on a shorter time frame.

I think we could see an intermediate bottom here in the S&P for a nice little bounce

(no buy sell or hold recs here! just what I am looking at)