Trading Ideas 13 August

Ok dear friends in ForexLive land, let’s be having all your bright ideas here to share like a big tin of chocolates

Feel free to have a rant too. Or ask any questions on your mind ( preferably forex related ! )

Dr’s Paterson and Littlestone in attendance!

Author: Mike Paterson

Mike Paterson has more than 30 years of experience trading FX including as a senior trader with UBS and Credit Suisse. He was also head of FX at the State Bank of Victoria. With sizeable daily trading volumes Mike carved out a name in the market combining professional integrity with a cynical grasp of seizing market opportunity. Since leaving the City, Mike has been working as an independent consultant and trading along with presenting seminars and writing for a number of publications. Mike lives in Kent and supports Southend United FC.

20 Comments

  1. I am long usd/chf as well as eur/chf

    I believe we have formed a bottom and the next leg higher will begin. Looking for new highs in both. Summer lul is winding down and all the big boys coming back from vacation have a lot of cheap buys at the moment.

  2. Hello Mike,

    I have a pending order BUY Limit gbp/jpy @151.50 with 156.50 TP and 150.00 SL (lower than today’s low). Here is my chart: http://screencast.com/t/NTTrHrqLeqnZ. I’d say there is a good R/R ratio :)

  3. Still think that cable will fall this week. Specialy if data from US come out good later. Data from UK was tomato tomato i think. Did not shake the market. :-)

  4. Hi MIKE,
    about you in eur/yen
    is this a correction or a new trend is started?

    Thank you so much

  5. Wow, we can ask questions, cool !!

    I suppose u have some levels on ur mind, not short term but like a “little equilibrium” levels for:
    EURUSD (mine around 1.30ish or below)
    Cable (it is really hard…maybe 1.50ish)
    USDCHF (somewhere over 0.96)
    Aussie (0.80? a bit aggressive)
    USDJPY (there will be blood on the downside when equity will start to crash…..but if u like loooong term trades i think 110/120 is possible).

    Today i missed the erly morning to open my trades :( I was @ my German class.
    My bias is short euro, short cable and long usdchf. And long precious metal of couse :D

  6. Hello Friends,

    May i know what is your view on USDJPY and EURGPB?

    Do u think USDJPY will continue to be bullish due to QE tapering and the Abenomic continue printing money?

    Thank you.

    Regards,
    Ethan

  7. hike mike good afternoon from my country spain. why its so boring euro usd why not moving fast anyways its need to go to 1.34 for retest. how long it will go slowly slowly. i hate this bloody summer market.

  8. i just think we’re seeing usdjpy correlation. rare nowadays for yen pairs to go in the opposite direction

  9. They may as well call it the whiteAsh(es) ………….sigh

  10. Arenoosh watch-out, it seems to me more a triangle if u drawn a line from the highs (they are lowering).
    I would suggest a stop on the support level or @ ur buy price.

  11. WhitewAsh(es)

  12. attention gbp usd is overbought. beware going to eat all the stop loss tomorrow beware cable cable and cable.

  13. Mike,Here is one for the Minds,Estemate Pot -Outcome on a Pos/Negetive number on Both euro/$ and Cable /$/At the release of Retail fig in the US./Thanks

  14. Expecting some usd weakness short term. Looking good would be long usdjpy after rotation lower to .97 , long usdchf around .92 and short eurgbp if you can get a good level with a stop above .88.

  15. Will be swapping my eurjpy longs to usdjpy if retail sales data is good.

  16. Further upside for USD/JPY after US open, or are stop-losses likely to be triggered?

  17. plenty of offers all the way up Tpefx but looks well supported in the dips still

  18. Il Gratta u are right about the triangle. Yes on the same daily chart there is also a descending triangle that could limit the rally but in my opinion JPY will get sold in the next weeks on BoJ/Abe “words” and QE taper expectations in US. When we will have the “news” and not the rumours any more, the JGB will explode and the Japanese investors will need JPY to cover their losses on JGB holdings so USD/JPY will fall back under 90 (is just my opinion). But until FOMC meeting in September, jpy/crosses will get back on highs in my opinion. We just have to wait and see. My pending was triggered and I am in now so Carney&Osborne better have a holiday and not come with some strange speeches to ruin the GBP strength :)

  19. One more question – any predictions on the retail numbers? I am looking for a long USD/JPY entry point – if numbers looking good, i’ll assume USD strength will prevail and look to get in now. If predicted to be bad, i’d rather get in a little closer to 97.5.

  20. @tpefx. If numbers are bad, I would prefer to avoid jpy shorts and play long eurusd.

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