A last minute trip and it didn't allow for postings, but I am back in action.
Fundamentally, and I can't stress this engough, things are hard to read. There is no one who knows what direction the market will go in 3 days from now as we are so dependent on reading what comes across the newswires.
So, my trading psychology tip of the day: book winners. Think in percentages people and take profits!! We have markets that are gapping up or down every day and lots of times they are triple digit moves. So book your profits and on to the next good location/opportunity. Also, fundamentally (and technically) we have an uncoupling of the Gold/Equity trade. It is the best traders who understand this and stop trying to buy Gold when the equities are downa and selling Gold when equities are up.
Technically, we have SPX in a range. Support is eas(ier) to pick out at 1140. Resistance, not so much. 1218 to 1230 with 1218 being a better bet these days.
Sector wise, the financials are still week with XLF off its lows, but not by much. Technology is where it is at with the QQQ's outpacing the other broad markets and AAPL leading the way. Can anyone say 450?
Forex markets were a bit sideways today, but yesterday provided some nice chart patterns. An inverse head and shoulders in the EUR/USD followed by a DOUBLE FALL LINE TRADE in the GBP/USD as equities rallied mid-day yesterday:

Past performance is not indicative of future results

Past performance is not indicative of future results
See you tomorrow evening for the free Interbank FX Webinar, titled Trading Psychology.
And I will be back tomorrow as "thelocalstake" on Interbank FX Connect.
Happy Trading and Be Environmentally Cool
Coach Brian
Forex trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose.
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