Forex Repositioning – Booking Profits

I’ve cleared the deck for a return of just over 600 pips since the posted trades some days ago.

Please keep in mind that several of those trades where held for almost an entire month  – through “this entire mess”. To realize profits / gains such as these during a time of such “market madness” takes considerable confidence in one’s market view and longer term ideas.

Mind you – holding several of these for the duration was no easy task, but as you recall – I was postioned for “risk off” several days “before” we saw the slide. Now a full 10 days down in SP/ U.S equities.

Where do we go from here?

It’s not looking good for “risk in general” – but of course “these days” markets celebrate when the U.S dodges bullets so….the outcome here “could just as easily” go either way right?

The uncertainty surrounding this shut down / debt ceiling talks etc leading up to Oct 17th is beyond and kind of standard “market analysis”, but I’m leaning towards “the longer this goes on – the worse it’s gonna get”.

How am I positioning?

Nearly 100% cash now, after taking full advantage of all long JPY trades, as well several other “risk off”related trades – I am now eyeing the U.S Dollar for the face ripper.

As we know “nothing moves in a straight line for long” in forex markets – what’s the worse case looking at smaller orders across the board with a “Long USD” theme.

EUR as well GBP looking ripe by the day….as the commods flounder around somewhere in the middle.

12 Responses

  1. illutionz October 3, 2013 / 9:20 am

    Does this mean you are outta your CAD/JPY Short?

    Also, I agree with you on GBP. I initiated some position on short GBP/USD. Also looking at short AUD/USD

    • Forex Kong October 3, 2013 / 9:34 am

      Yes I am……but not to say I won’t reload / jump right back on it.

      I love the feeling of “clearing the board”…but am always there to jump back on anything that’s “moving”.

      Personally….I DO think the JPY pairs have room to move!

      • illutionz October 4, 2013 / 6:37 am

        How bout them GBP/USD short!! Were you in this too, Kong? I saw you tweeting about it yesterday.

        • Forex Kong October 4, 2013 / 7:21 am

          Of course ma man…..

          A great entry no?


  2. schmederling October 3, 2013 / 11:01 am

    I got my 8hr fire in the DXY…. she is going lower….. thanks Tesla ….. the headlines today was a bonus!! not I need FB to do it’s thing!!

    • Forex Kong October 3, 2013 / 11:57 am

      I’d be careful with USD here Schmed as, the view of some “huge hit” here today really only reflects vs well……NOTHIN REALLY!

      GBP down, CAD flat ; AUD flat ; NZD flat……CHF anf JPY about the only guys showin the “dollar weakness” at all.

      I’m all for the ol FB taking a well deserved “dive” , as well the entirety of U.S equities ( glady ) but juuuuuust consider.

      Boom!—- the old school correlation kicks in – U.S Equities down = USD up?!?!

      There are literally “no currencies” suggesting USD has further to fall.

      • schmederling October 3, 2013 / 12:00 pm

        Yeah… I am not putting anything on the table here….. just have been on the pick short UUP…

      • ezyfx October 3, 2013 / 10:18 pm

        Just placed my 1st trade this week, short aud/usd based on 61% fib of last months high, only a small stop in case it goes to the 79% at .9474

        • Forex Kong October 3, 2013 / 10:27 pm

          Good for you EZ…..and only a tiny bit of advice.

          When getting started with your “hard earned money” it’s always a good idea to trade small – like REAL SMALL as to just see things play out in real time with no “real risk”.

          The difference between your entry price and .9475 is very small….as even the “prior high” on a 4 H chart is .9528

          That’s not “very much wiggle room” as I would generally trade with much wider stops, or perhaps with “several small orders” over time.

          Don’t confuse “being wrong” with just having your stops too tight.

          Good luck man! Be safffffe!

  3. schmederling October 3, 2013 / 12:02 pm

    Still holding the short Tesla & FB…. adding some short PM’s here…..
    I’ll let 50% of my short Tesla here….. thank you very much…. LOL

  4. Deano October 3, 2013 / 8:18 pm

    Hey Kong,
    Great calls again, congrats and now I’m totally with you on long USD, although I’m already in so maybe jumping the gun – short EUR from 1.3615, the 123.6 fib extension 1.2746/1.3451 and the 4hr RSI over 70, so this sucker is due for a pull back, and also the DXY has reached support so a bounce is expected. Short on a couple of yen crosses also I think USDJPY is heading for 96 before bouncing.

    Not easy trading at present – range trading is tough enough without the shutdown and its noise.
    Keep up the good work.

    • Forex Kong October 3, 2013 / 9:22 pm

      Thanks Deano – sounds like you’re right in there sluggin it out too!

      Tough trading these days u bet.

      Keep at it too my friend!

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