Yeah, I saw it rising but it ran smack dab into the 38.2% fib level @ 1462. This is initial resistance, with much stronger resistance at the 61.8%. I don't know if you use fibs in your analysis but some guys have'em down pretty well, and they're a popular tool for position traders. Good tradering.
Hey thanks for the chart and the info. The great Stan Kroll was a big fan of the 35 and 50% levels which was before Fibonacci levels were well known among traders...so perhaps he was on to something? Thanks again.
Still spooked by recent market activity, yeah yeah I know some people are loving this shit right now, and I'm glad they're making money....but I'm not enough of a short term trader to enjoy this massive volatility...so I am waiting. I think all these market shakes will be toned down enough for me to get back in soon enough. I trade momentum, and when the market has had a tendency to rocket in the opposite direction of recent activity without notice every few days...well, it's more like gambling for me to be trading. Like Stan Kroll said, (paraphrased) when the volatility gets too high for you, let the other guys go play in it. Wait for your time to step back in. Really sucks though because I hate not trading for days/weeks on end. I have fooled around with some token trades, but nothing official. About net even on them, not worth posting. I don't like to post trades after the fact. Bad juju.
Cut it out carcanaques. No, really. Go take your Trading Zoo illegally purchased (through second hand sources, I'm sure the originator specifically has a contract clause forbidding that) trading course and learn how to trade ... anything. Please We have a nice little journal here, where I for one, am learning about the curriences, something which I hadn't really been exposed to before, and which are relatively easy to trade (very low performance bond required, early morning hours). I enjoy it for what it is, so please, don't bring your trash talking here (which you've spread through at least three chat rooms all over the internet). Keep it about trading (once your learn how) or take your mania someplace else. *** Oh, and BTW, does anyone else see the irony of a Frenchman complaining about what a US ex-Armed Forces is doing with his money? Anyone? Oh man, I swear you just can't make this shit up! Now, back to our regularly scheduled program.
ha ha haha I didn't even notice that at first (hey it's Sunday so my brain is in neutral!) yeah pretty damn hilarious Mandelbrot. LOLOL Now that I think about it, it makes me laugh out loud. LOLOLOL Thanks for that. Good one. I'm always up for a good French joke. ha ha ha Hopefully the mods will get rid of his troll posts. I'm actually trying to run a journal here, and he should be posting his BS somewhere else. Shit carcanaques, go post your info about me somewhere else, who cares. Just not on my journal for God's sake. LOL Mandelbrot, he's just mad that he got put on Front St for making up shit about Mirus in order to shill for Trading Zoo so he's trying some weird french reverse psychology Bullshit. Typical trading Zoo crap, as we've come to find out.
Okay I haven't posted on this journal for a while. Been trading small positions and am continuing to do so for now. I have a journal I keep separately from this and it takes most of my time to keep updated so I end up skimping on this journal since it doesn't really benefit me much to post here. Currently I am long in the Pound and Yen. To clarify, I am referring to my outlook on the actual currencies listed, not necessarily the pair. (ie being long the Yen would actually be short the USD/JPY). I entered the Pound long on Thursday evening and I just entered the Yen a few minutes ago. Not counting the Pound trade since it's easy to say I got long a few days ago. Words are cheap and easy...So I will focus on this in regards to moving forward. I am bullish the Yen and the Pound right now. I think all European currencies are strong right now but the Euro and Swiss Franc have a higher risk associated with them since they have already made some strong up moves, it would take a lot more downside in these currencies before I changed my bullish outlook, and this can get expensive with this type of volatility. Normally I would stick with the strongest markets, but with this recent volatility I feel most comfortable going long the Pound since it affords the lowest risk, or amount of downside potential before I change my bullish outlook. Also as a side note the Bullish Consensus places the EUR and CHF in the 90's area, which is severely overbought, whereas the GBP is only in the low 70's, meaning that there may still be room for the Pound to grow before becoming "overbought". I don't place too much weight in the Consensus for timing purposes, but rather use it as a compensating factor. I think that there is a lot of upside room for the European currencies, but as mentioned earlier with the recent volatility who really knows what the hell could happen. The Fed and everyone else seems to keep wanting to intervene. Since I am not psychic, I am not going to guess what they will say or do next. All I can do is watch the momentum and the other factors I take into account and make an informed decision with emphasis on controlling my risk.
Sounds good, thanks for the update. Looks like the pound is headed up to test the 2.02 again right now (9:40pst)...hope it breaks through for you. Personally, while I would like to go long, I'm worried about a retrace on both the EUR & GBP. They've moved a lot over the last couple of days and I just don't have the balls to make a call on it yet. I do hope to hop back in the pound long if we can get a decent fall back. Anyhow, thanks for the update and goodluck!
I see your point about the retrace. I am having the same issues myself with this. That's one reason I stayed out of the Euro, as there is so much more downside room for a retrace, whereas the Pound is relatively "new" in the latest upside moves in the European markets. I am also half expecting some sort of Central Bank intervention to mess with the dollar, and if I see this happen, I will be looking to add to my longs and keep a semi-tight stop. I am long term bearish on the USD so far, even if the Fed or whoever else steps in to prop it up temporarily. Then again, I always try to keep my opinions on a leash, so I am standing by to re-evaluate all markets if anything crazy happens. Right now, however, my tentative plan is to add to any longs if I see any "against the trend news spikes". Thanks for the comments on my journal, BTW.