AUTOREFRESH 
IMF: Dollar played its role in crisis; healthy to explore alternative
By Jamie Coleman || February 26, 2010 at 16:22 GMT
|| 59 comments || Add comment
IMF managing director Strauss-Kahn says the global monetary system showed resilience during the crisis and the dollar played its role. The issue of whether a new global reserve asset is needed is a loner-term question. It is “intellectually healthy” to explore questions of a new reserve asset, the MD says.
EUR/USD is building on earlier gains, now at 1.3663 as traders cover shorts on signs that the Germans are gettig their ducks in a row for a Greek bailout.
Stops reside in the 1.3700 region. On a thin, month-end Friday, I would count nothing out. Central banks have been seen taking profits on longs into strength, however,
Guess they had to get the rumour right sooner or later.
This morning it was DB buying up to 15 bln worth of bonds.
yeah. Looks like whoever buys will get a gov’t guarantee…
Hi Guys
This is my first post and I hate to sound cynical but doesn’t any one find it odd that it was anonmymous source 1/2 an hour before the fix?
time to get out. cover earlier eurusd at 3617 for anothr $170 and icing on the cake. total take today is about $2600. Have a great weekend traders!!
JIM how many PIPs are you up?
…it would be a present for a felow trader
Fergus, I did 85 pips on 300k to 400k contracts. last one for 17 pips on 100k. total pips is 102 from my records. I should really hold on to the last short as it will go down some more but no need to get greedy.
I bet you were poular at school!
Lol steve!!! funny post mate
Shorts on GBP, Eur and Aud doing well here, Jim you should see how heavy am I on this
…shorting every rally, big money knows where it will go and I follow them!
Sorry popular,as you can see i never went total this week 750 pips i wont tell you my lots no need!!!!!!!
Nice one JIM have a good weekend. As a thought next time you tell us all how much you have made do it in PIP’s as I do not think anyone is that bothered about the Pounds and Pence. If anyone thinks differetly do shout and I will shut up
For the novice traders out there, I had called my last EURUSD short this morning at 3634. It just took off over that. Rest assure, markets are very hard to call. You will always be off. Be sure to maintain a large stop loss so you do not get stopped out before it turns. Just be sure of your market direction and project the best price before pulling the trigger.
Fergus, I reveal dollar amounts only to provide the novice traders out there that there are real money to be made. They only hear but never see the dollars as it developes.
My oppinion. I dont really care about how much money or pips anyone is making. Neither posts about people having a gut feeling, etc. I rather read ideas on set ups based on facts either from a technical or fundamentals perspective.
But I guess a forex forum cant be without some bragging. Its too tempting.
Two thumbs up Emilio
Well Jim, the advice to have large sl and small tp doesn’t go too well mate with the money management, if you are in a good trade ride that! Sell rallies once they stop on Euro now, I don’t recomment novice traders to trade like that, run the profits!
Scalping only works when you get very high rate of success, so you’ve actually found a profitable environment that repeats itself, not on ‘normal’ trades.
Steve….750 pips is a killer ammount, do that with consistency even 750 a month with hundreds of thousand contracts and you’ll sit at a table with Soros.
In my opinion, and to be blunt, it is pretty tacky, Jim. But you gotta be yourself… and at least you stopped using all caps… Cheers and congrats,
If someone has some mates at a hedge fund that makes money, ask them what they’re doing and you’ll see they’re seling rallies on euro.
Gabriel, a lot of traders will attempt to hold. Most of them (95%) will never see a profit unless they take the profit. They hold until the profit disappears. Ask most novices and they will tell you the horror stories.
Biggest amateur mistake is to have a very narrow or tight stop loss. It just do not work unless your entry price is exact. Where is the crystal ball??
As I said before, the problem with your trades is the reward/risk ratio…but as long as you’re making money, that’s welcome (not for amateurs though)
gabriel couldnt be further from truth…my contacts are on hedge funds/desks trhey are heavy buyers of euros and sellers of usd’s and looking for continuation for 3 – 5 cents more on eur/usd
gabriel this is start of squeeze higher sorry i got cfm on this last nite..recc you gho long eur/usd….velocity of upswing will be much fiecer than seen thus far
Lol. typical amateur talk.
Hey all, I just posted this on another forum but keen for your view. Been looking at the Dollar index chart. It looks like it has run into downward channel resistance and roughly completed an A= C correction from the highs in mar 2009 to the lows Dec 2009. Also the daily MACDs look as if they are about to turn down. I know bearish USD isn’t fashionable at the moment so was wondering if anyone had any thoughts.
Chart in following link:
http://www.pict.com/view/2968361/0/dollarindex
Jim, Newbie here Would you guys mind posting where you put your stops. I shorted euro at 1.3601 got stopped @1.36570 (saw there were lots of sells @.1.355 Shorted again at 1.3669. I have no idea who is going to win long or shorts. Just ride the waves
Hi ZZ, that is exactly what Jamies’ analysis said yesterday so at least higher before lower and then sell again before 1.40 or so.
Jim that’s not right at all. Most traders hold on losses and take small profits, that’s because they have no money management. I have a friend who is both a scalper and long term trader and he makes lots of pips, he had a GBP short for over a month bu he is also able to take profit in few minutes. I also scalp sometimes but mostly go with the big strategy.
My opinion is that is useless to talk of the “right way” to trade, even a poor strategy can make money with the right money management so it’s all about mm to me.
dcoios agreed, thats what im hearing from hedgies and desks i speak with, the usd rally is over, the euro is easy money for at least 4 – 6 cents from bottom..so tgts of 1.38 – 1.40…expect them to pick up slack later today, sunday, and all day monday
Hey Annie, You should read Ed Ponsi’s book. He has a pretty good system- and you need to trade based on a system, not just advice from a forum, even a forum as good as this.
also heard not to overlook a pot rally into the days close to force new shorts to cover up…the late hours should be interesting today
Thanks JR I use Bollinger Bands Daily support and resistance and all of you guys.
You’re all great. Which book he has three?
“Forex Patterns & Probabilities: Trading Strategies for Trending & Range-Bound Markets.” It is worth the fifty bucks it goes for on Amazon.
Thank Jr I’ll close my short and have 10 bucks leftover
Hey Annie, You might also want to read “The Market Wizards” and “Inside the House of Money” for bigger picture perspectives on trading strategy. Some of my favorite trading quotes are from Jim Rogers in “The Market Wizards”: Be Very Selective. Wait until there is money lying in the corner and then go pick it up… Wait until you get a concept so right, and a price so right, that you can’t get hurt… Don’t do anything until you know what you’re doing… Buy Value. Sell Hysteria. Wait for a Catalyst.
Good plan Annie, 10+ bucks of reading well invested – and welcome to the mad house
Hey JOHN: Please give the newbies and amateurs a break. We all started green, even you at one time!!
Yeah well, I’m off to go and play with my boat
Thanks JR I used to trade stocks Forex is much more intense. Reading the Disciplined Trader right now. By the way went long 1.3607 stop @ 1.3575
ANNIE: . one – you got in too early. You need to get in one potential support and resistance. Especially look at potential MA on one hour. You got in WAY too early. I do not think entry should be based on buying and selling zones (qty) rather where market will go on a MA or resistance level (usually on 1HR OR 4HR CHART).
Thanks Jim,Using 5 minute Bollinger just scalping rest of day Trying to make the money for the other books Jr recommended Which time frame is the best? I’m really new. What the heck is MA
MA = Moving Average
Duh Thanks Gabriel
Annie: MA is moving average. Forex tends migrate to (basically but not exactly) 10 day, 20d, 50d, 100d, etc… MA. Some traders will use (ex) 55d (some odd number to match the graphs). I personally use the 4h, 1hr, 30m and 15m graphs. There are a whole bunch of witches’ brew in the book you are reading. Secret is to keep it simple and take notes of forexlive’s comments, especially THE ORDER BOOK, CB’s other large institutional activities that our fine gentlemen on this site provides.
Most definitely fine gentleman and Lilac Thanks for the info
Hey Jim. Why don’t you post your trades on curensee.com? Then you won’t have to tell us how you are doing because we can watch all your trading ‘real time’ as well as monitor your awesome results over time!
Hahaha, he won’t. You know why
You gotta really care very little about your money to handover your broker credentials to a third party as they require. I really wouldnt care about the opinion of someone that is so dumb to do so.
The idea of having a performance table is actually a very good one. Jamie thats something you could think of adding to the site.
Sure, just give me the details for your brokerage acct…
Yes !…Sure He will take good care of it
Like on Dirty Rotten Scoundrel
RICK: I called trades on this site before it happened. Check your comments records. I prefer to remain unknown for obvious reasons.
JOHN: Not to brag but I can out trade you with my eyes closed. The only comments you ever provided on this site is bitching about newbies. Call a trade on this site and see if YOU can deliver.
Jim, you dumb to not realize this is not a site to call trades and no one cares when you do. We are here to get FREE up to the minute events that would have to pay a lot for it elsewhere.
I appreciate the feedback on my idea. Love this site. follow it most every day. I have about 2500 hours screen time and some free classes under my belt. Starting to get a handle on money management and have stopped losing money at least this year. The old axiom “the difference between a pro and an amateur is 10,000 hours” . Thats what i am hanging my hat on. Wish me luck
Btw, there is http://www.myfxbook.com that doesn’t require account password. Check it out and let hope Jim will post his trading performance ;p
If I would be asked I would care too much about sharing my order list…if Jim wants to do so then good… but one thing Jim, I think you got the point that talking about how much you make doesn’t do any good right? It just starts discussions that lead to nowhere, I know it can be done.
I gave good calls many times too but I’m not expecting any credits for it, the web is full of people sharing calls and unless you come with some information about how you trade is worthless, and I know that when a trader gets his hand on something good…he doesn’t rush out to share it
And from what I’ve seen if you trade in a different way than general traders are used to, they will tell you it doesn’t work because everybody writes that the thing you use doesn’t work….but it’s funny that what people think of worthless is usually the thing that makes money. My 2 cents
would = wouldn’t