Forex Trading – Tuesday Morning Update

I’ve “scooped” 3% overnight in a number of “long USD” trades, the largest of which being NZD/USD ( you were alerted to on Sunday night, then again via twitter last night ) as well long USD/CAD and short GBP/USD.

These pairs are still very much in play , only that these days when I see money on the table – I just flat-out take it. The short-term tech will kick in here soon, as we again can likely look to Thursday as the market pivot.

The Yen (JPY) has shown considerable strength in the past 24 hours, as every JPY related pair has seen reasonable moves ( a couple 100 pips even ) over the past few days. I still hold a couple trades ( still in the weeds ) long JPY.

The Insanity Trade is still holding as well, and in case any of you looked into following this pair (EUR/AUD) over the past week now – I hope you’ve seen “the light”. Dipping as much as 150 pips in a matter of hours, then back again etc….still hanging in profit but a wild ride if you’ve leveraged / are trading too large. Insanity Trade 2 has still yet to get picked up.

Otherwise…..another hum drum Tuesday on deck here today, as SP/ U.S Equities have certainly “come off” but nothing to write home about.

Gold continues to grind anyone silly enough to think they can actually “target an entry price” on an asset worth 1300.00. 30 dollar moves are nothing, and pointless to debate.

Good luck out there.


4 Responses

  1. David September 24, 2013 / 9:28 am

    Ya, these long USD plays are coming along nicely after that FOMC flush. GBP and NZD were my faves. Great timing on your latest NZD post.

    • Forex Kong September 24, 2013 / 9:31 am

      Thanks David. It’s been pretty quiet around here these past few days….not sure if many other traders took the advice.

      Oh well…..keep at it man! Nice work.

      • Rolo September 24, 2013 / 11:42 am

        Thanks for the NZD trades Kong also Eur/ Aud – I need to watch out for appropriate exits

        • Forex Kong September 24, 2013 / 12:50 pm

          It really depends on your time frame and ability to handle risk Rolo.

          Once trend is established I’m able to jump in and out pretty quickly – but that’s not for everyone.

          Some traders might consider putting a stop above / below and entire weekly candle and just letting things run!

          In these markets – I generally “scoop” er off the table as fast as I see it.

          Good for you if you’ve made out ok! Great trading!

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