I had some extra time so I snapped a picture of a market in each group with some comments of what I'm seeing. There is not a lot that I like right now. You can see that almost all markets are going crosscurrent or already there (Green and red line facing different directions) There are no emerging concurrent markets at this time. (Gold may be an exception if Trend turns down with the ML) EDIT Sorry that first picture is september bonds, not notes.
Thanks for posting your analysis with pictures. Great work. I just got my book today and will start devouring the information in it. =) And about the girl, don't feel to down man. If the girl can't understand, she's the wrong girl.
That's chicks for ya, don't worry about it. Eventually you're going to find the woman who is going to have your back and believe in you no matter what you do, and then you're going to rock'n'roll. Chill out, relax. Eat well, sleep, and go workout to get rid of the stress. Everything will will come back around in no time. Great commentary. Just play the role of the observer for a moment to keep your finger on the pulse of the market ... jump back in when you start to feel the competitive hunger, the feeling that it's time to start taking care of business. Actually taking only the most optimal setups will substantially decrease your drawdowns and staying out of the market when they do not present themselves is an active decision, not a passive one. Take your time, the markets will always be here.
Thanks for posting your analysis with pictures. Great work. I just got my book today and will start devouring the information in it. =) And about the girl, don't feel too down man. If the girl can't understand, she's the wrong girl.
Find a girl that looks just like her.......nail her........and then dump her! It should make you feel better. Then make a bunch of coin and she should want you back.
The question is and should always be...do you want her back...if she's not a positive impact on your life, cut her lose.....there's plenty of fish in the sea...
I recently found this book in my collection. I intend to re read it - see how his setup differs from Linda Raschkes and follow your journal. I have always been fond of one particular 3/10 set up.
I'm feeling a bit down today, a girl I was seeing started complaining that I spent way too much time involved with futures trading and told me I was obsessed. At first she was happy with my trading because I made my money in a somewhat entrepreneurial way but she had been lately comparing it to gambling. One of her friends told her that futures was one of the "worst" ways to invest because of the leverage. (I bet he blew a $2k account) Her ill talking got to the point that I decided to end things with her. This is almost certainly going to affect my trading for these next few days, I may be too aggresive or conservative and when I need to make smart subjective decisions I can't allows these factors to affect me. So it's very likely that I'll post no trades for this week. Don't worry when you are swimming in dough the same dame will be begging you to love her then just tell her to piss off !!!
Good luck Jem and Jody, I hope you guys get something out of that book. Personally it has a special spot on my table I'm still a a little stirred up but will probably be fine by tomorrow. No reason to try to spite that girl with making money, I'm going to let it go and try to keep a clear head. Chick has put out another letter today. There is still not that much to hear from him these days but some comments are much better than the couple months in which he didn't write anything. I'm still crossing my fingers that he will resume the letter, the commentary in his newsletter was of such quality that I wish he had been charging $1,000 a month (so that he might still be doing the letter and it would be a fair value on his end). Unlike the comments I've been posting the newsletter was a full discussion of every market, every day. 35 years worth of sweat equity in the markets put into words. If I only knew about that letter 2 or 3 years earlier.... From what Chick has told me personally, chances at this point of a return for the newsletter are very slim. But one can hope. This letter was sent out early in the day. I am away from my charting software but from looking at my quote board on Open E cry it seems today was an overall bullish day, so the precarious situation continues. I will check the charts and make some comments a bit later, but from what I've seen it looks like the crosscurrent buy signal in natural gas has triggered and upside odds for a quick short term rally are good. I will have to see before I do anything though.
I spent all night doing random errands and it seems I gave up some profits in the process because most markets are continuing yesterday's moves in the aftermarket. Only positive of this was that the yen was pumped up a good amount and the pattern was negative enough for me to short a single contract at 9.428. I had been wanting to short the yen for a couple days but held myself back because I either wanted the situation for a short side case to strengthen, or let the trade go. Lines are OK for a short right now, nothing that great, but with stocks in the background at risk of a sudden rally I think a light short is justified here. Both crude and natural gas were so sharply down that wednesday's sharp upside reversal day did not turn up the SL's in these markets. I would not have longed natural gas thursday evening (even though it seems to be acting like a crosscurrent buy pattern regardless and is posting good gains) However the crude oil SL was tapering a good amount and I would have longed that one at $142ish, which would have netted about 400 ticks as of 5:40 am. I'm kicking myself for letting my focus drift to other things when I should have done my trading first. Even though I'm leaning towards the sidelines I shouldn't be relegating trading behind my errands like I did today. Both cocoa and coffee have had their SL's turn up for a crosscurrent buy signal. I longed 4 cocoa at 2918 and 2 coffee at 1.4340. My insomnia caused me to place a sell market instead of a sell stop on the coca trade so sold the position on accident and consequently had to jump the spread twice to get long my cocoa contracts again, which costed about $100. Hopefully this day session will make up for it. Gold and especially silver, as well as soybeans and copper, are all exhibiting signs of a crosscurrent buy pattern. The ideal crosscurrent buy pattern happens after a sustained rally that goes on long enough that causes people to think "this will not last forever." Then when the dip finally happens and a good up day follows that turns the SL up, a nice quick rally suprise follows to keep people in constant chaos. Crosscurrent buy signals don't happen often, there has to be a lot of special circumstances for the signal to be clear. I remember in the early days when Chick would suggest a crossccurent buy signal of this type and I would never take them. "No way, far too risky when the market has finally shown signs that it is about to give away" I was never wrong more consistently than when I watched those signals produce their rallies from the sidelines. That doesn't mean they always work. Natural gas was so strongly down that I wouldn't have longed it for fear that the one day rally would give away to extreme downside pressure. Soybeans alone is good for a crosscurrent buy, but corn and wheat were both negative and this group is acting stranger than usual so I skipped that one also. Copper has a nice crosscurrent buy pattern in the short term lines (well the SL is only tapering, but eyeballing the chart makes this case stronger), but the trend is down which ruins the crosscurrent buy signal if we were to do it the textbook way (Trend is supposed to be solidly up, and SL initiates the buy signal by turning up or at least tapering off) Gold and especially silver were good for a buy but like crude oil they have already gone up quite a bit, I just missed the boat on them.