Yes, that article was rather a good laugh. Read it yesterday. If it's one thing I've learned, it's that most bloomberg, CNN etc...articles (in otherwords - mainstream) know jack about FOREX markets. ESPECIALLY when they quote Ashraf Laidi from forexnews.com who is a perpetual dollar bear. So much that he is almost comical. No wait, he is comical.
IMHO: They show that they know jack about forex. What's more important they create demand when somebody heavy need to sell heavily.
Stopped out on my long USDJPY from yesterday. Still long 18 USDCHF. USDCHF is now at 1.3106/11. I have a floating profit of $30,319.70 since last Wednesday. Market seems to have no reason to either sell or buy USDCHF. I am looking at a triple top and quadruple bottom on the hourly charts. This is a very rare occurrence in my 10 years in FX. Trade numbers will wake it out of its slumber.
If I may chime in, I trade EUR and JPY futures and was caught like a deer in headlights when EUR and JPY went up after the deficit numbers only to drop even lower - past its recent lows. My charts are telling me EUR and JPY may stabilize against the USD pretty soon so I just doubled up on my contracts. We'll see what happens. I think this Nov Euro drop is a bit too exaggerated.
Discontinuance of M3 On March 23, 2006, the Board of Governors of the Federal Reserve System will cease publication of the M3 monetary aggregate. The Board will also cease publishing the following components: large-denomination time deposits, repurchase agreements (RPs), and Eurodollars. The Board will continue to publish institutional money market mutual funds as a memorandum item in this release. Measures of large-denomination time deposits will continue to be published by the Board in the Flow of Funds Accounts (Z.1 release) on a quarterly basis and in the H.8 release on a weekly basis (for commercial banks). http://www.federalreserve.gov/releases/h6/discm3.htm
Bought 2 more USDCHF at 1.3075. Now holding 20 USDCHF with an average price of 1.2903. We may now be in Wave 5.
Did it. Sold all 20 USDCHF at 1.3220. Made 432 pips in 1 week and 6 days since I started buying from 1.2788 on Wednesday, November 2nd. If you consider all 20 USDCHF with an average price of 1.2903, then made 6,340 pips. Profit is $48,028 in 1 week and 6 days.
curious why you held position when USDCHF dipped 100 pips against your position before you sold it later on ? is your stop ( mental ) that wide usually ?