My short EU position went okay until NY pre opening where EUR/USD rallied up. My account is still really low and I can tell my trading has become more aggressive. I really need to focus on money management and not to get overly excited to catch a rally. EUR/USD and GBP/USD has both been very volatile today during NY session. I got pushed back and forth switching between shorts to longs.
With that said, I have some positions open and I hope to see a EUR/USD rally. I’m long EUR/USD as I think Greece will accept the referendum.
The Euro had one of the most head turning reversals today. On Saturday, Greece and the ECB had failed to negotiation a deal; Greece announced they cannot pay back the $1.73 Billion to the IMF on June 30th. This wreaked havoc in the Greek banks which caused long lines in the ATM’s as citizens scrambled to withdraw their cash. With chaos happening over the weekend, when the markets opened on Sunday, the EUR/USD gapped over 200 points!
So Greek is unstable and a chance of a Grexit is higher than ever, what a great time to short the EUR/USD. Unfortunately, as the markets opened today, the EUR/USD recovered the gap and then went on making new highs. A lot of traders, including myself have been caught by a surprised by this move and faced a huge drawdown. Not sure what caused this move, but it may be Europe trying to prove that they can do just fine with or without Greece.
As I bash my head against my desk trying to follow and figure out this Greece dilemma, I’ll be holding my short positions for now. Today was a very painful trading day, hopefully the dollar can shine through and rise above the shaky Euro. I’ll also be monitoring Greece and their vote on the referendum.
Look at this gap followed by a sharp reversal… just insane.
My long dollar trade didn’t do so well. Market’s are definitely unstable due to a Grexit possibility. The EU and Greek decided to push the meeting off for Saturday; yet I doubt a concrete decision will come out on Saturday, the never-ending drama continues.
Due to the drama I decided to not trade on Friday. Instead, decided to go rock climbing with my girlfriend and for this weekend we have a house by Jersey Shore. Time to rest up to get ready for a busy upcoming week, including the NFP.
Here’s my results for the frustrating EJ trade. Had a beautiful drop but reversed shortly afterwards. I decided to close out just incase a resolution comes out on Saturday. I pretty much broke even with this trade.
There’s a reason why traders do not recommend scalping for beginning traders. It’s so dangerous and can really pack a punch. I’m normally a day trader and trade on the 5 minute chart 99% of the time. Yet I do not consider myself a scalper since I’m not getting in and out of trading within minutes on the 1 min time frame. Today however the market was so slow that I got tempted by my old habits and decided to scalp. After a couple great scalps, I was engulfed by the rush and adeline it had to offer. Every time I placed a trade, I knew in the back of my head it was more gambling than intelligent trading. After a short while, volatility kicked in and my scalps were going against me. I lost all my gains and kept digging myself in a bigger and bigger hole. I told myself to stop and never get lost into scalping again.
Anyways, that was my morning. Luckily I got myself to get out of the scalping trance and went back to my normal trading behavior. Still no decision in Greece and doesn’t look like there will be a decision anytime soon, or atleast within this week. I’m currently in a long dollar trade against EUR, GBP, and JPY. Also, I decided to give EUR/JPY a try today, a pair I don’t usually trade. I’m hoping the indecisive Greek meetings can push the Euro lower by the end of the week. I’m holding and will update tomorrow.
EUR/JPY, a pair I don’t usually trade, however a Euro short doesn’t look too shabby with the current Greek situation.
Okay, so Greece still did not make a decision and I did not wake up rich.
So I was long Euro for a past couple days, hoping that Greece would come to their senses and compromise a deal. Stubborn Greece is making it difficult for everyone. My losses were actually much uglier than it is now. I was able to save the day but trading today and getting some lost profit back. Today’s trading day was very extreme. Dollar had a full out rally against the JPY and GBP which gave me some healthy profits.
As of now, Greece still isn’t making a deal. I closed out my EUR/USD trades for now, but I’m ready to get back as soon as there’s any news.
I guess the market took the no decision from Greece as a sign that it’s closer to default. The Euro not only weakened but the dollar grew strength, which means my USD/JPY and GBP/USD trades all got hit hard. My account isn’t looking so pretty at the moment.
Anyways, call me crazy but I’m still holding onto my long EUR/USD trade. I’m almost certain Greece will find a deal and Euro will rally back up. For now, I’m holding.
Today was a confusing day trading the EUR/USD. We had a sudden rally from the Euro followed by a deep reversal. Unfortunate to say that I got caught in the reversal. I’ll be holding my long EUR/USD position, I think we will see Greece find a deal with the ECB and IMF. Don’t think they will let go of Greece that easily. We’ll update tomorrow.
Another weak day for the dollar. I had a good profit run by longing Yen and Euro today! The USD/JPY drastically fell and the EUR/USD went up nicely in a up trend, pretty predicable. Nothing exciting today except on Monday, there is a very important meeting regarding Greece. They may or may not conclude Greece’s future, but we’ll see. Enjoy the weekend and stay tuned for Greece’s future!
Today has been a boring day, dollar basically consolidated then BOOM!! Greece news came rolling in. In the afternoon, the ECB stated that it will provide a 10 billion Euro loan to Greece to repay the IMF. The IMF, at a glance, stands for International Monetary Fund. They’re basically a group of country will hundreds of billions of dollars to promote international monetary stability, Greece being one of their biggest borrowers. As the deadline approaches for Greece to repay the IMF loan, they’re scrambling on which direction to take. Will they default, or stay in the EU. Can they ask for another extension, or will they come up with the money? No one’s certain for sure, hence the volatility.
After Yellen’s speech yesterday, everyone and they’re mothers were long EUR/USD. However, it goes to prove that Greece’s dilemma right now can change the course of the Euro anytime. It seems like the Euro and the Dollar are taking turns going long and short. Very interesting to see how this will play out. With that said, I was very long Euro after Yellen’s speech. Today, I can’t state that with confidence. Will the Euro rally or hit parity, stay tuned and find out.
The only regret I have for today was not purchasing huge amount of lots. Today was such an easy trading day if you followed Yellen’s speech. Man, if I could travel back in time I would be shorting dollar with hundreds and thousands of lots. A trader can dream.
So before FOMC I had no idea where market was heading. Even reading after multiple articles, I still couldn’t find the general consensus. However, I believe in the dollar and the growing US economy so I was long dollar. After all, the dollar never disappointed me yet, right? All jokes aside I’m so glad there was a huge spike up by the dollar before it’s impending doom. Right at the spike, I exited for a couple bucks, then rode the EU rocket ship to the moon.
I’m glad the FOMC happened, I had no sense of direction of the market until today. Now I know the U.S dollar is weak for sure. Look out for potential dollar pullbacks and short the dollar.