AUTOREFRESH 
ForexLive US wrap-up: Dollar dips ahead of GDP; Bernanke
- US weekly jobless claims fall to 473,000 from 504,000; 4-week moving average at 9 month high.
- Canadian FinMin Flaherty: Struggling US economy a major concern for Canada
- KC Fed index 0 in Aug from 14 in July
- Chicago Fed manufacturing 81.4 in July from 79.6 in June
- Spanish court rules against government in tax case but impact seen limited
- S&P 500 losses 0.8% to 1047; Dow closes below 10,000
- US yields fall 6 bp to 2.48% in 10-yr note
A huntin’ we will go, a huntin we will go…
Traders went hunting for stop-loss orders in EUR/USD today and found them just above 1.2750. We reached 1.2765 before quickly slipping back. A story that implied a sudden EUR 5 bln budget hole for Spain after a tax court ruling sent EUR/USD quickly back below 1.2700 and from there we spent the afternoon range trading. Early morning selling saw EUR/USD dip to 1.2666/. Stops lie at 1.2660/656 on the downside and at 1.2780 and 1.2830 on the topside.
USD/JPY did very little in New York today, easing modestly late in the day on falling stocks and falling yields but holding well within recent ranges. 84.32/72 was the New York range.
Cable surged after stronger than expected retail data early in the but was unable to sustain levels in the 1.5600 region. We end the day at the 1.5525 level.
Commodity currencies gave up early gains in afternoon trade and ed on a soggy note, as did risk appetites. AUD/USD closes at 0.8865 and USD/CAD at 1.0567.
EUR/CHF ends at the bottom of the days range and gave back all the gains made in Europe as it rose to 1.3143 intraday. It ends at 1.3022, with the markets still on the lookout for more dire US data despite today’s respite via the improved weekly claims data.
hi guys,
I am in a terrible situation which I created with my greed by refusing the strong downtrend in usd/jpy and lost 70% of my total capital. What would you suggest me in this pair. My leverage is now 20 times of my capital and if I realize all my losses I don’t think that I. could regain what I have lost. Here are my alternatives
reduce my position half so that I can bestil in the market 79 level and ifwait it to go ip 96 level to reach my break-even or just realiE and walk away do
Hi Terry, sorry to hear that. What I can say with complete confidence is that trading when you are emotionally involved or upset is extremely difficult. I don’t know whether the market goes up or down but in situations like this I’d say take the loss, recover your composure, and try to make it back one small piece at a time through sensible trading.
Hi Sean, do you think usd/j downtrend will continue despite threat intervention?
Mrng Ursus. All the signs at the moment are that the downtrend will continue. Despite very heavy buying from hedge funds etc the pair virtually refuses to bounce so I’d say stick with the trend and sell rallies is the trade
There’s nothing more sensible to add to what Sean’s just said to you, Terry.
You need a clear head – it’s essential in this game.
I’m sorry too to hear of your losses, but if you do decide to take the hit and carry carry on – whatever else you do, don’t look back.
Sean, are we to infer from your post that the usd/chf activity will occur today from your view or is this a short term possibility to last several trading days??
Jake, if there are big levels close to the market then they will probably be tested more than once. If it holds then the level is confirmed as being super important.
I’d say that we get another test of 10220 during the early European session as I don’t think much will happen during Asia. If it doesn’t break today or tonight then we will probably get a relief rally back to 10350ish
Thanks Sean. By the way, I have opened an FXDD account and told my trading friends to do same, if they do not have one already. Forexlive endorsement of a broker is enough for me to feel they are honest and competent.
thank you Sean and others. It is a still tough call for me. But I should make mymind within the next couple of hours and execute what I decide. It will hurt but I have to bear the consequences of my decisions. the best solution is to liquduate my position and try to live with what is left. I know that I will be out of this game forever as I have already lost my confidence and self respect. I hope my current situation will help some greedy traders who make their decisions intuitively and learn what they should not do.
Excellent JJake, I hope it works well for you.
Thanks Terry for the sobering thoughts which we should all carry with us every day. Good luck with whatever you do.
I’m going to try a small short in eur/jpy after the dxy re-opens.