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  • #1,301
  • Oct 17, 2011 7:35am Oct 17, 2011 7:35am
A brand new week.

Stealing a peep at the sp500 I see a candle on the daily pointing to some profit taking. We have had a meteoric rise from the 1100 area in this instrument and it might be time for some profit taking

Stochastic is overbought and turning
Price action kissed the 100sma and it was repelled

Lets wait and see....

All bears out there (including myself) need to trade what we see and not what we think...

Olu
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If you think you can or cannot do it you are correct
  • #1,302
  • Oct 17, 2011 6:39pm Oct 17, 2011 6:39pm
We touched the buy zone today in this pair. ir didnt go low enough to pick me up before the almost 150pip turnaround. the daily chart is showing a bullish engulfing candle reversal pattern

The lesson here is this. When the 1.00xx area was put out as a buy area a lot of traders thought it could never come back there after going up 500 pips etc. It went back there. A week is a long time in forex

Back to the trade setup:

Stoch has turned up from the lows
price is above the 100sma
bullish engulfing candle

it is a buy... but you need to do your own d/d and entry points

Olu
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If you think you can or cannot do it you are correct
  • #1,303
  • Oct 17, 2011 6:57pm Oct 17, 2011 6:57pm
Quoting Olu
A brand new week.

Stealing a peep at the sp500 I see a candle on the daily pointing to some profit taking. We have had a meteoric rise from the 1100 area in this instrument and it might be time for some profit taking

Stochastic is overbought and turning
Price action kissed the 100sma and it was repelled

Lets wait and see....

All bears out there (including myself) need to trade what we see and not what we think...

Olu
We did fall. Hard. And it might not be over...

Olu
If you think you can or cannot do it you are correct
  • #1,304
  • Oct 17, 2011 7:12pm Oct 17, 2011 7:12pm
Quoting Olu
We touched the buy zone today in this pair. ir didnt go low enough to pick me up before the almost 150pip turnaround. the daily chart is showing a bullish engulfing candle reversal pattern

The lesson here is this. When the 1.00xx area was put out as a buy area a lot of traders thought it could never come back there after going up 500 pips etc. It went back there. A week is a long time in forex

Back to the trade setup:

Stoch has turned up from the lows
price is above the 100sma
bullish engulfing candle

it is a buy... but you need to do your...



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  • #1,305
  • Oct 19, 2011 12:18am Oct 19, 2011 12:18am
The markets are wacky right now and the usual correlations are failing. The best thing for a position trader right now if not already in a trade to wait for the great eurpoean debt plan. However what it seems is that the markets are setting up for a big move. If europe gives the markets what they want we go to the moon. If they dont we go to the earth's core. Whichever way be prepared for entries around the extremes that will present itself and hang on for dear life

Olu
If you think you can or cannot do it you are correct
  • #1,306
  • Oct 20, 2011 6:55pm Oct 20, 2011 6:55pm
My mentor....Larry....everything lasts forever !






golfer
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  • #1,307
  • Oct 24, 2011 8:04am Oct 24, 2011 8:04am
Hi Guys

Its a brand new week and we still have no clear cut decision on how the debt issue will be solved. Now its wednesday when we'll get more details

In the meantime the us$ is being pummelled left right and center. I am bullish the us$ and I need to be patient

Today the us$ gapped down on the open and has been recovering since. It reversed right on the 76 even price. Is this a meaningful turn in the retracement of the us$. I don't know. No one knows. But it is not going to be my account that will be the test animal to check this out. I would go long the us$ on a confirmed reversal and not before

Patience is required or all you get is the churning of your account

Olu
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If you think you can or cannot do it you are correct
  • #1,308
  • Oct 25, 2011 7:08am Oct 25, 2011 7:08am
Fellow 9-5ers join me in hanging on (i.e not putting on any new trades) till after the announcements tomorrow

It is the wise thing to do. The us$ is still taking a drubbing at the moment but what will tomorrow bring?


Olu
If you think you can or cannot do it you are correct
  • #1,309
  • Oct 25, 2011 8:25am Oct 25, 2011 8:25am
Buy & hope....

$74.00 as I type...and going lower.
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  • #1,310
  • Oct 25, 2011 10:16am Oct 25, 2011 10:16am
It appears we have the makings of a reversal in the above pair

Price has retested the previous breakout area
Shoch has crossed up
bullish engulfing candle
prise still above the 100sma
bullish divergence on the stoch

This is bullish! Be aware though that I am not taking any trade till the announcements tomorrow. Fundamentals can still scupper this beauty. It is better to miss out on a few pips and catch the main trend than get in early and the trade reverse on you

Your own d/d is required

Olu
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If you think you can or cannot do it you are correct
  • #1,311
  • Oct 27, 2011 2:20am Oct 27, 2011 2:20am
A deal has been done. About time too. It is market friendly and dollar bearish. The dollar is being ground to pulp here. There might be scope for more follow through. Will come back with charts later...

Olu
If you think you can or cannot do it you are correct
  • #1,312
  • Oct 27, 2011 7:28am Oct 27, 2011 7:28am
Chart uploaded...
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If you think you can or cannot do it you are correct
  • #1,313
  • Oct 31, 2011 8:15am Oct 31, 2011 8:15am
Find uploaded a daily chart of the dollar index. It shows a gap up after intervention from the BOJ. Commentators on Bloomberg said it would close by the end of today. Hmmm this baby is still holding strong. The question is is this the start of renewed dollar strenght.

My head says yes (I am a dollar bull to the core) it is but the charts are saying 'let me conform it before you trade'

So I am repeating what the chart is saying. Certainly a break above 79.50 says we are in a multi-month dollar strength mode. Trying anything down here is russian roulette.

Olu
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If you think you can or cannot do it you are correct
  • #1,314
  • Nov 1, 2011 2:51am Nov 1, 2011 2:51am
Quoting Olu
Find uploaded a daily chart of the dollar index. It shows a gap up after intervention from the BOJ. Commentators on Bloomberg said it would close by the end of today. Hmmm this baby is still holding strong. The question is is this the start of renewed dollar strenght.

My head says yes (I am a dollar bull to the core) it is but the charts are saying 'let me conform it before you trade'

So I am repeating what the chart is saying. Certainly a break above 79.50 says we are in a multi-month dollar strength mode. Trying anything down here is russian...
The us$ is tearing upwards as I have been expecting and commenting about in the last few posts. A case of delayed 'buy the rumour sell the fact'
When the fact came out it wasnt convincing and so down we go. Long us$ is the way to go

Let eurchf come back on your radar. it is reverting to the true trend.
Long us$

Do your own d/d

Olu
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If you think you can or cannot do it you are correct
  • #1,315
  • Nov 1, 2011 8:31am Nov 1, 2011 8:31am
Please find uploaded a long term chart of the cash Dow Jones 30 index.

On the chart I see three well defined peaks wide apart. Price is starting a descent from the third peak. These three peaks look like the formation of a head and shoulder pattern. It is too early to say whether it is indeed going to confirm as one but if it does we will visit low that will wipe decades of the income of the stock markets. It is frightening! This is capitalism on its knees!

We are currently unwinding the credit bubble that has been built up for years. I.e credit is being mopped up from the markets and prices are returning to their un-inflated state in the western world. No asset class will be spared.

5 days ago we had a solution in Europe. Market rallied close to 300 points (dow) we have now tanked more than that now. The euphoria has worn off...

Enough of this rant. How can a trader profit from this thereby hedging the reduction in value of all the other asset classes he /she owns?

Buy the us$. Follow the stock market down with inverse etfs and short index etfs. Hope we dont confirm the H&S and get to its target
But as traders this is the time to be ready...

Olu
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If you think you can or cannot do it you are correct
  • #1,316
  • Nov 1, 2011 8:53am Nov 1, 2011 8:53am
Find uploaded a chart of the usdcad

Stoch has turned
Price is above the 100sma
candle pattern is showing a reversal

Summary: it is a buy. but do your own d/d. We are approaching some resistance area around 1.0160 and I will take some profits here and look to reload on some retracement. However if we blow past this area I might be adding. The stoch is not overbought by any means

Olu
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If you think you can or cannot do it you are correct
  • #1,317
  • Nov 1, 2011 8:56am Nov 1, 2011 8:56am
Do you know that the euro went up 250 pips on hearing news of the debt plan agreement? Look at it now it fell 300 pips yesterday and has so far fallen 200 pips today

Markets go up as if going up the stairs but fall as if going down an escalator...

Olu
If you think you can or cannot do it you are correct
  • #1,318
  • Nov 2, 2011 7:39pm Nov 2, 2011 7:39pm
This pair is moving up nicely. If I can hold till the breakout over 1.0222 then I will consider adding to the trade. It means we are having an impulsive wave up

Olu
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If you think you can or cannot do it you are correct
  • #1,319
  • Nov 3, 2011 3:17am Nov 3, 2011 3:17am
Quoting Olu
This pair is moving up nicely. If I can hold till the breakout over 1.0222 then I will consider adding to the trade. It means we are having an impulsive wave up

Olu
my apology, i'm just a noob... but isn't it very bearish? just a queston.
  • #1,320
  • Nov 3, 2011 6:43am Nov 3, 2011 6:43am
Trade closed as price could not overcome the 1.0220 area. profit taken.

Will look to buy...

Olu
If you think you can or cannot do it you are correct
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