Thanks for pointing this out man, in the green on the trade and looking good. This is where ET has value, other traders can spot something and point it out, so that others can pay attention and take action. Kudos!
Glad if you found value in it. I trade currencies more on a fundamental basis, mid to longer term. I need to see a flush out and more momentum to hop on board on the long side. A bit of a correction in commodities would help Edit, momentum seems to be picking up just now, albeit slowly.
I joined the long side at 1.2115 with 1/3 of target size with an initial stop at 1.2050, looking for 1.24/1.25 levels initially. Am not super excited and we need to see whether finally momentum can build, right now the move is entirely driven by the usd dollar. Canadian dollar is still holding up there which concerns me. I usually only take positions with conviction when the momentum of both currencies favor my view.
Psychology of price anchoring. Price is currently around 38,000 Yesterday, even early this morning, 38000 looked really bad. But after the price went to almost 32,000. Now 38,000 doesnt look nearly as bad.
Like the internet in .com days it's possible for there to be real value there on an ongoing basis. It's just not going to grow as fast as the fanboys think it will and it won't necessarily accrue to the products they're betting on. At this point it's clearly a "greater fool" market, almost entirely made up of folks who either weren't around for the .com days or have what they think is a good plan for grabbing one of the chairs before everyone else when the music stops.
@Master Pu, I take another stab at long USDCAD with more conviction. US Dollar basket is ticking up and CAD basket finally showing weakness, I discussed the fundamentals previously and they favor a USDCAD long imo. The pair almost touched 1.20 but found buyers (even if it dipped below short term, I believe it would have also found buyers below 1.20).
TIMELESS BITCOIN JUNE 3, 2021 NY TIMES BESTSELLING AUTHOR LAWRENCE MCDONALD LEAVE A COMMENT Don’t miss our next trade idea. Get on the Bear Traps Report Today, click here Institutional investors can join our live chat on Bloomberg, a groundbreaking venue, just email tatiana@thebeartrapsreport.com – Thank you. LGM In the Mayan empire, the cocoa bean was the unit of exchange. The “Early Preclassic Maya” years walked through the late 1800s BC, while “Early Classic Maya” danced out to 600 AD. The Mayan kings of the city-states kept strict control over the cocoa bean supply. It was hard to grow. A supply growth under arrest, sound familiar? Cocoa crops failed all the time. And they had to be specially dried and fermented in a certain way to be valid legal tender. In other words, a cocoa bean required a lot of energy and was of limited supply. Like Bitcoin. XBT Fails at the 200 Day As the mad mob chases the brass ring, the drawdown brings a reality check. It took Google nearly 24 years to reach a $1T market cap, XBT just twelve years with the last $500B of gains this year. What does that mean? The beast inside the market is telling us there is a lot of capital that owns Bitcoin at MUCH higher prices. There is a substantial amount of weak hands in XBT that thirsts every minute of every day this week, “to get even and get out.” Offered to the Kings Keep in mind, there was a big difference. If you were caught growing cocoa beans illegally, there was a good chance you’d find yourself on top of a pyramid with your living heart cut out of your body by a blood-encrusted priest (it was taboo to wash off victims’ blood) and have your still pumping heart offered up to the sun. The hot chocolate was the drink of kings. It was a special treat for the rest of the population. They literally drank money. Naturally, if a particularly expensive war came to a fruitless draw, the kings would release more of the cocoa beans than usual, i.e. they would debase their currency. When a century-long drought came, the Mayans released so many cocoa beans they became all but worthless, the middle class was wiped out and that contributed to the Classic Mayan Collapse. Well, at least that is one hypothesis. In any case, the real point is, the Mayan kings watched their money supply like hawks. If someone had invented a virtual cocoa bean, he would have found his heartless body tumbling down a long flight of pyramid steps into a rapturous crowd. And this brings us to Uncle Sam and Form 1040, which, after establishing your name, social security number, and contact information, asked if you had traded any virtual currency during the past tax year. Then they asked about your deductions and normal income as per usual. No government wants to see serious competition to its currency that it can’t control. Sounds to us like the obsidian knives have been sharpened. Don’t miss our next trade idea. Get on the Bear Traps Report Today, click here
I don't think they will anytime soon. BOC just announced they won't tweak much, continue with their accommodative policy which puts a bit of pressure on CAD I guess. Thursdays inflation reading in the US will probably also be supportive of longs in the pair but we need to see whether the uptick in inflation is temporary or not.