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Well done vrost. Two good ideas there:-
1. Winning trades – always a good idea ! I noted your comment on oil earlier a good heads up even if I don’t often dabble in commodities.
2. Having a daily target and stepping away. I TRY to do the same. Everything you can do to take stress and emotion from the trades is good.I was looking at S and P / ES. I think that the POMO effect may have caused it to go up a bit. See the amount of liquidity being pumped in from the horses mouth here
http://www.newyorkfed.org/markets/pomo/display/index.cfm?showmore=1&opertype=orig
that link shows the last two weeks purchases of securities, todays programme is somewhere on the same site. Note the timing and the corresponding rises in the markets.
The ongoing negotiations about allowing an increase in US govt debt could be a real mover. That and ending of taper doesn’t offer support for much higher markets soon.
There is also the possibility of a credit rating downgrade for Italy this weekend to consider. Of course there is always the question of what the markets are already accounting for.
With so many ways for official and unofficial manipulation and leaking of data (like the decision not to taper last week) us little guys have to keep our wits about us and make capital preservation paramount without being to afraid to take a position.
Please feel free to trade the opposite to me - but whatever take responsibility for yourself and above all DYOR !
Closed cable short at 1.6012 from 1.6052, as it bounced from just above my tp (now it will almost certainly continue down !) another +40 in the hand and capital protected along the way.
I welcome comment either way on my trades and style or views. That is what would make it worth posting.
Please feel free to trade the opposite to me - but whatever take responsibility for yourself and above all DYOR !
cable no longer overbought on hourlies after that overnight consolidation and the drop in this morning session(at bottom Bollinger band and stochastics not extreme), but a down trend has formed so should only have lower highs unless things change so may not be necessary but reducing sl to 1.6066 just above high before noon. same tp 1.6005 but may close manually if seen near there and getting impatient.
AUD/JPY was topped up below 92.50 and position reduced at 92.70 leaving avge entry at abt 92.35 but some profit taken. Now 1/4 max position size.
Please feel free to trade the opposite to me - but whatever take responsibility for yourself and above all DYOR !
Thanks zarif. Obviously that raft of UK news at 09:30 BST that triggered the cable moves so it is worth knowing those market events times.
Please feel free to trade the opposite to me - but whatever take responsibility for yourself and above all DYOR !
Now, was that a good move ? Just in time to stop my overnight tp being taken on the full position which would have been equivalent to +57 on one unit (1/8 of my max trade size). Instead I now have +40 in the hand and a trade to manage with possible loss -33 and possible further gain of +47. What do people think?
My view is I would be looking for another trade anyway so I might as well be in the one that I had already seen as good. It fits my current rules (but they can change with experience) and at least I have done something and not “frozen”, and IT IS NEVER WRONG TO TAKE OR LOCK IN A GAIN !
Please feel free to trade the opposite to me - but whatever take responsibility for yourself and above all DYOR !
OK. Closed half cablefor +40 (from 1.6085) and adjusted stop to 1.6085 and tp to 16005. Can’t lose – feels good to start the day.
Please feel free to trade the opposite to me - but whatever take responsibility for yourself and above all DYOR !
A move to the lower support (1683 ish ES) would tie in nicely with my expected drop in cable – 1.61 seems to be holding so could get it today, but hardly an impulsive reaction to 1.6080/85 so still possibility of further consolidation and another push up.
cable did just about get down to my be overnight and gone through it as I type
Please feel free to trade the opposite to me - but whatever take responsibility for yourself and above all DYOR !
OK in with second tranche short cable at 1.6085 (Average now 1.60685) TP now 1.6040 for both. Stops are in (impersonating Oscar now). Goodnight.
AUD/JPY now back at about my average entry for longs (92.25)
Please feel free to trade the opposite to me - but whatever take responsibility for yourself and above all DYOR !
Wow – thanks Khalsa have been thinking of subscribing so your offer makes the commented trade a winner already!
I feel safe with cable short as it may be capped by the 18 sep high (giving away my stop loss which is higher than usual advice) and 1.61 looked like resistance on 19th.
Of course circumstances can always change so there is a balance between being responsive and being committed to our analysis.I am also building longs AUD/JPY for slightly longer term (mid Oct ?) but probably will not give narrative on that trade. Analysis comes first then trading I’m afraid then comment. For same reason I don’t have email interrupting me – I choose when to look at it so the email alert not for me but yes I can see that is an advantage – maybe more so on subscription side.
Please feel free to trade the opposite to me - but whatever take responsibility for yourself and above all DYOR !
Well, after trying the new forum format for a while, lurking as usual, can’t say much better or worse just takes getting used to, except for lack of content – so here is my Cimac impersonation (and genuine trade).
I am short cable small at 1.6052 from 45 minutes ago for 1.5995 before the weekend. Will add at 1.6085 if seen. I don’t expect much over 1.6120 but higher stop loss to give it room. No advice intended. I see it as overbought on the hourly and shorter timeframes and expect taper concerns to start arising again for longer term and fundamentals. All only my view and there are others.
Sorry I cannot match Cimac for quantity of trades or comment.
Please feel free to trade the opposite to me - but whatever take responsibility for yourself and above all DYOR !
