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Unfortunately anything in Korea that is imported from overseas, and anything that is ‘western style’ is very expensive. Local food and products are reasonably priced, but anything ‘western’ is prohibitive.
Going out for dinner in a Korean restaurant is great fun and two people with plenty of food and drinks can get away with about $60.
But go to a ‘western’ restaurant and the situation changes. Mostly they are in the five star hotels. So a decent John Wayne t-bone steak, bottle of red wine etc can come to $300 for two people without even trying.
I agree hatman that atm it’s the market ‘IF’ that will
keep traders on their toes.I have found my problem is trading the analysis rather
than the analysis it’s self.In this market. With more smoke and mirrors and
with robots trading back and forth, with speed
and volume. Trading as we did at the start
of kpad is not likely to work today.Never give up, never surrender.
This is my current trade and outline plan.
Small short Dow at 26000 … stop 30000 … limit 18000
If the market goes to 27500 then I will double the trade size.
If the market goes to 24500 then I will take my profits.
If we go straight to 30000 then I will reset stop and then
increase trade size to three times.If we go straight to 18000 then the drinks are on me !
Never give up, never surrender.
KOSPI: naturally living in South Korea I keep an eye on the local financial markets as well as the currency. At the moment I find the KOSPI chart (Korea’s equivalent to the SPX) interesting and worrying.
Here’s the long term chart attached. You can easily see the patterns for yourselves. What’s most interesting is that the decline from 2600 to key support at 2000 was 600 points (perhaps wave ‘A’). Another decline from 2200 of 600 points (for C=A) hits the lower rising trendline. Coincidence, or something waiting to happen?
If this is correct then the current sideways action is a B wave and might need another year or so to run. It might become a flat or a triangle. So for the moment I’m looking for key support at 2000 to hold and for the market to stage a rally back upwards towards 2200.
KOSPI: and in the extreme long term the chart pattern looks like a very large rising wedge thing with lots of overlapping price action.
It’s fairly obvious the potential for a drop to the lower rising trendline at some point in the next couple of years. As an export economy Korea tends to decline during world recessionary periods. With more and more economists predicting a recession in the USA and elsewhere, perhaps this KOSPI chart is warning of more difficult economic times ahead.
KOSPI: here’s the shorter term chart which appears to show a clean ABC decline from the top at 2600 to the recent low at 2000. Now trying to form a sideways B wave that will probably try to test the 2200 area at least once perhaps twice over the next year.
I’ll be watching for a sell opportunity in the 2200 area. I’m not a buyer for the counter-trend bounce as the risk of mistake is too high.
USDKRW: the Korean Won has been trading sideways in a triangular pattern. Currently it is testing the upper resistance line at 1200/1210 which will complete an exact c=a from the bottom line. With the possibility of Fed interest rate cuts and reasonably strong financial markets over the next year, it makes sense to assume that the Won will rally from the 1200 area perhaps in another three wave move to test the lower trendline again in the 1075 area.
If we do get a period of financial instability in 2021/2 then the USD/Won should break upwards out of the top of the triangular pattern and might have a target in the 1400 area (size of the base added to the breakout of resistance).
I am a seller of USDKRW in the 1200 area (buyer of Korean Won) and looking to close out and go long USD in the 1075 area.
Good Morning Cimac Hatman et al
Good Luck to us all
Cimac have not forgiotten wil finally get teh Collation tepid stuff and send to you by this weekend form my other pc ( resend me a email at : zarif.virmani@btopenworld.com) so have it handy at hand
Hatman – My daughter as said maybe coming over to you South korea – so please kidn sir send me a email so maybe you can meet etc
Small droplets of rain turn into Rivers, Streams and Mighty Oceans
GBP continues to fall against the Euro.
Rightly or wrongly I have the Pound falling in a five wave structure from the recent 1.18 high with an eventual target of 0.96. In this short term wave the pattern seems to be targetting the 1.10/1.107 area which interestingly is slap bang on the line of key support.
If it gets to that area, that will likely complete W1 of 3 down and a rally can be expected perhaps back to the 1.12/3 area and give the impression of a ‘head and shoulders’ forming.
It seems reasonably clear that if key support at 1.10 breaks eventually then a sharp drop to around the 1.02 area will be on the cards.
GBPUSD: the Pound continues to drop against USD.
Chart attached. I’m measuring it as the start of a five wave decline, in which case it should get to about the 1.22 area. However the five wave pattern isn’t convincing, and the action could instead be part of a larger sideways flat or triangle formation.
I think somehow GBP wants to test the historic low in the 1.03/4 area, but whether it will get there via quite a fast five wave drop thing or a slower ABC remains to be seen.
Good Morninhg Cimac , Hatman et al
Good Luck to us all
Small droplets of rain turn into Rivers, Streams and Mighty Oceans
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