"It's no accident that things are more likely to go your way when you stop worrying about whether you're going to win or lose, and focus your full attention on what's happening right this moment." -Phil Jackson, Basketball coach ---------------------------------------------------------- Got a lovely sell pattern jumping off the screen this morn..coupled with O`head resistance on the daily made for a nice one. 3x1 Reward/Risk based off stops above the T/L. Then the same down T/L gets tapped and I am off in lala land..missed it. So I hunker down to watch the action to see if I get a second chance...I do..and fail to take it. Chicken shit!(as I type my estimated target would have been hit with no pain at all...F me) First day using a 2 car standard entry. Feels ok...car size should not make a differance as stops and tgts will remain the same. 2 or 3 pnt with a minimum 2x1 Reward/Risk.. Probably done for the day. I have noticed that when I make a good one off the open I tend to churn it up a bit. So unless something as compelling as the earlier trades pops up thats it.
Tough day. Was down as big as I ended up. 44 turns. $1497.60 net. Got a little bigger than I should have on the last leg down. But covered for 6 pnts. Done for the day. I am tired. Who says randomness with a good R/R doesnt work? --------------------------------------------------------
In honor of our two choices for potus being most likely Mccain and Clinton I will only trade from the short side today. Man do those two make me depressed...
If I had not gotten beaten like a dog in the AM, the PM would look like about $1500. But I did get beat up...so even the waterfall afternoon move barely brought me back to life. Should have listened to myself when I said stick to the short side earlier. Always learning arent we? 14 turns...$123.10 net -----------------------------------------------------------------------------
I love the greenback today... ---------------------------------------------------------- One trade today. Was busy all morning and just casually watched some trendlines unfold. Wanted to wait until something with a well defined RR showed up before I took it. Initially I set my tgt at 1339.5 but that was just beyond HOD and felt a 3x1 would be fine. If I would have just set it and forget it it would have paid off better. The market has no boundries at all...why did I override common sense because of a "resistance level"? Stupid technicals or stupid trader? $590.80 net
The greenback and grains normally move inversely but there has been a disconnect the last 6 weeks. Been trying to get my little caveman brain around it. The USA is a net exporter of grains and livestock and if we really are heading for a global food shortage the Greenback will surely benefit. I could analyze more but my head hurts already. I will keep buying UUP... Chart below Green - UUP $ etf...Gold - DBA grain ETF....RED(white-quarterly simple) - Relative strength of UUP/DBA ----------------------------------------------------------------------------
There certainly is the possibility of a dollar upside reversal. Attached is the monthly chart. As a trend follower though, I do not try to catch the bottom, but instead continue to trade in the direction of the trend until an obvious signal. Right now, monthly trend continues down.
I'm not short the dollar index right now. Currently I am short the British Pound versus the USD. By the way, weekly and daily are clearly attempting the upside reversal and this can also be seen in the individual European currencies. I had chosen the Pound to short because it has the most bearish weekly and monthly charts. Histopry shows that when the Fed cuts, over 75% percent of the time the dollar lags behind but rebounds.