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Same here. I have made some money this month on the short side from time to time, and I really don’t want the whipsaw risk of the next few days. I’d rather wait it out patiently until I see a clean and clear pattern that hits my targets or forms some other shape that has a high probability of trading with success.
Time to watch from the sidelines methinks.
New moon on 1st August which some think will be an ‘h’
of some kind ( +/- the usual 2 day window ).Never give up, never surrender.
Small short Ftse at 7700 … stop 9000 … limit 6000 ( x 5 )
I would be happy to take profits at 7625 but I may just
move some stops … it’s just a small trade.Never give up, never surrender.
Small short Ftse at 7700 … stop 9000 … limit 6000 ( x 5 )
I would be happy to take profits at 7625 but I may just
move some stops … it’s just a small trade.Closed all at 7685 ( 15pts x 5 )
Never give up, never surrender.
Plenty of movement today and we still have …
FMOC wednesday
BoE thursday
NFP fridayNever give up, never surrender.
GBP: pound is collapsing over BREXIT hard exit fears again. Now approaching $1.22 and EUR1.09. Eventual targets are $ 1.00 – 1.10, EUR 0.92 – 0.96. How long it will take to get there is unknown.
DOW: DJI might be trying to trace out a sideways triangle. As shown on the chart the triangle can take two forms – one having a wider range of movement over the next few days, the other being more compressed.
SPX seems to be continuing to trace out its rising wedge form. If so, the current pattern points downwards slightly to complete another small abc. The target area is only 13 points or so down.
If this is correct, it suggests the DOW will follow the more compressed triangle route and drop to the lower line ahead of FOMC. This might mean a decline of 100 points or more.
Difficult to tell, and I’d rather wait to see what happens particularly as these moves might be quite modest and therefore not worth the risk.
GBPEUR: the pound has plunged against the dollar and Euro. For the Euro this might be a five wave decline to around 1.085 and if so is likely just wave 1 of a bigger five wave pattern down to 0.95.
If it hits 1.085 and starts to bounce, that will likely be wave 2 of the bigger pattern.
GBPEUR: all of this fits very nicely with the long term falling wedge idea where the lower wedge line is also in the 0.95 area.
The BOJ are thought to be ready with another $40 billion to boost growth.
Even after 11 years of zero rates, QE etc since 2008 credit crunch all
the central banks do is dig a larger hole.Credit Crunch II in 2020 is on the horizon, if you want to look.
Never give up, never surrender.
Euroland gloom has pulled down US futures so it’s look like we will
see the sp500 and Dow, pre FMOC drop that hatman predicted.Never give up, never surrender.
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