Discussion in 'Journals' started by FXWave, Jul 28, 2010.
I will post them as I see them with an Entry, Stop and a Limit.
What's the general direction of the SPX? Assume a few days time frame.
Right now, I see down.
At what point approximately will it turn back up?
As for the big picture, several opinions that I follow agree that we will top out mid- August. One estimates SPX 1300. Then we fall. What do you think the market will do 6 months down the road?
I go through my phases of watching the stock indices such as the SPX. I primarily follow the currency markets; yet before the "eur/usd and spx trade" had decoupled, the two markets were luring each other up and down so I watched them both intensely. It's my suspicion that the eur/usd and spx relationship will reemerge in the near term as patterns don't usually don't completely die that quickly.
On the note that currencies and stocks may again be moving in tadem; I am looking at a potentially overbought EUR/USD. I like the 8/11 date for a potential reversal point. The charts currently look near complete and due a retrace; yet they also look good to test the highs further and if the 8/11 date has any validity then a week of higher to sideways pricing might be just what the "top-doctor" has ordered. Stocks also look good for some further testing of the highs as they just stepped into the right territory to conveniently "bust" some stop orders.
hope that helps your perspective Petsamo---I look to post some charts and some short termed currency trade setups this week and maybe a bigger pictured trade next week.
Good luck FXWave.
Set the posting rules, and if anyone harasses you, you can ask the mods to remove their posts.
Thanks for the Tip EON Kid.
I will think over the rules that I want for the thread and get them posted. If I leave it open I could lose the message over unnecessary noise.
Hope to get some get trades posted this week.
you can see an example in the first post of this thread
Thread Managing Rules
1) Trades will be posted in Real time, including entries and exits(stops can be adjusted as can trades closed before a stop/limit is triggered.
2) Along with posting "clear cut" trades; I will include setups that will alert traders of the setups I will be watching for trade opportunities.
3) I will be posting charts for visual analysis and as a learning tool.
Thread Participant Rules
1) Don't post off-topic rubbish or nonsense.
2) Don't get embroiled in flame wars: No personal attacks or inflammatory remarks are allowed.
3) Don't preach how others should trade and refrain from condescension of any kind.
Short Trade setting up in GBP/USD
from the weekly chart, daily chart and 30 minute chart perspective.
the below attached file is the weekly chart
Daily Chart Perspective
Separate names with a comma.