Here I was yesterday trying to write an update when I got this dreary message on the screen – “Internal server error”. What the hell is “Internal server error” and what does it have to do with me posting something? I swore at it a few times but it didn’t go away. I called the hosting company. They apologized, telling me that their best men were working on the problem, but failed to explain what the problem was. Eventually I realized that even if they described the nature of the malfunction on a minute, subatomic level, I still would have had no idea what they are talking about. Since my knowledge of servers is largely limited to being able to spell the word “server”, what difference does it make? It doesn’t work and there is nothing I can do about it. Had to skip a post because this is the only convenient part of the day for me to write something here. Evil server.
I feel even better about closing my long Pound positions last week. GBP rolled over and fell once again against most currencies, with one exception- CAD. Canadian Dollar was battling its own demons yesterday and it put a wrinkle in my GBP-CAD trade.
This is chart as it was yesterday, without today’s action. As I feared, behavior became erratic and I simply bailed out with a minor loss. I will probably try it again if we see 1.7760, with 160 pips objective. No standing order, though, I’ll watch it.
Post “History is made” included trade, or intention for a trade, in NZD-CHF. After few days of detours it finally happened.
Worked out very well for a 100 pips profit. Kiwi is falling hard.
Yen accelerated its advance and is threatening lows from few weeks ago in most crosses. While some correction was expected, this is a little bit surprising, but that is what markets do. At any rate, no big deal, I wasn’t in any large JPY short(long crosses) positions. At this moment I still think that the lows will hold, more or less, and I’m getting ready to watch for reversal.
I will not be trying to catch the bottom, this means no choosing some arbitrary number where to get in. Rather trailing the most recent minor high with a buy order. Chart of choice is 1H. Like this one, EUR-JPY. Currently the order sits at 119.20 with 100 pips objective. If the price makes lower low and lower high, order will be moved to just above it.
This week, so far, there is a lot of activity. Let’s hope it continues.
Mike K.
Sorry about the server problem…..
I did catch 20 pips on the Eur/Usd this morning, so, I am a Happy Trader!!!!
Congrats!!! I’m sure more will follow.
Have you heard anything about intervention by Bank of Japan? Last week I didn’t get out of GBP-JPY position and now it looks scary. Thought it would just keep going up like it did for a while.
Latest I heard was to defend 85.00 area of USD-JPY, but who knows? These are rumors. You can’t count on BOJ to bail you out. It’s not like they will send us an email with details before the fact.
Ah, computer problems. Funny, how we rely on computers and so much is out of our control. Power, ISP, servers…Any of these go down and it is trouble. Pound really tanked over last couple of days and I was still tryibg to sell EUR-GBP, with obvoius results. But the loss was small.
In the comments to the last post you wrote that “I ve been trading since 1989″. How did you do it while being on ship at sea? Those guys work all the time with no time for anything else, even sleep. I think.
At that time I only traded while at home. Had a lot of vacation, as much as 6 months a year, plenty of time to do something else.
In an effort to learn as much as possible, I became a member of few forex forums. Unbelievable number of trades are being discussed at the same time. Strangely, nowhere else did I see currency pairs like NZD-CHF mentioned. How come? Do you participate in any of the forums?
Six months of vacation a year? Maybe there is something to this kind of work. Was the pay good?
No, Heather, I don’t. Few years ago I used to but no more.
Michelle, pay was great. That’s why most people did it.