Small Trades Initiated – Smaller Expectations

I’ve stepped into the market with a handful of trades, keeping positions very small – with relatively tight “mental stops”.

Seeing the commodity currencies stall early yesterday, I’ve got to keep pushing in order to continually pull money out of this “labyrinth” we currently call a market.

Not having the “larger time frame stars aligned ” in situations like these,  often what I will do is jump down to the smaller time frame charts “regardless” and apply the same technical know how / skill – only with far smaller expectations, far smaller position size ( if that’s even possible these days ) and with a set % of risk, all-knowing I’m not in the “absolutely best place to place a trade”.

Often these “feelers” turn into fantastic starter positions as I generally “buy around the horn” but….one has to keep an open mind – considering the current market conditions.

That being – nothing is for certain.

USD continues lower, but fairly “unconvincingly” as JPY has shown the “tiniest bit of strength” although again – with little conviction. The commodity currencies are weak, but still hanging in there, creating an overall trading environment fraught with indecision.

I’ve entered long GBP/AUD as well GBP/USD , as well a couple “shots” at commods vs yen.

6 Responses

  1. JM November 19, 2013 / 9:55 am

    I don’t see any trend for now, the USD has been flat for a few days, people are waiting for Fed speeches and other central bankers to speak. So I’m on the sidelines, no need to try to guess.

  2. JSkogs November 19, 2013 / 11:49 am

    Ya I only have an opinion on NZDUSD – topping. As far as the DX is concerned its too hard to call at the moment. We know the long term trend is down but that doesn’t mean its the best trade today. If you were biased and needed a trade against the USD I would personally pick GBP as well.

  3. David November 19, 2013 / 7:41 pm

    I know you don’t like this pair Kong, but NZD/CAD looking really good. Possible triple top over the last month (on the dailies) if we don’t burst higher here (dating back from mid October); this is also a huge resistance zone going back to April from earlier this year. I’ve been making some nice pips shorting in this area, let’s see if it happens again.

  4. David November 20, 2013 / 10:27 am

    Hope some of you guys caught that NZD/CAD short; we’re up 100 pips from yesterday (which is a large move for this pair). It’s a good idea to take some profits (I secured a little over half my position) at this level before the FOMC minutes. Afterwards, Reload if given the opportunity; otherwise, keep riding the profits.

    Great call on that GBP/AUD long btw Kong! Timing could’ve have been better.

    • Forex Kong November 20, 2013 / 10:40 am

      Nice work David – I watched it on your suggestion. Nice move.

      And ya – score a couple for Kong too! GBP has been my ticket these past days, then with the weakness seen in commods.

      It only made sense!

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