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DONE FOR THE DAY - SEE YOU TOMORROW...
I have received scores of emails with questions pertaining to my "end of an era" quote. The answer is nothing more sinister than that City Index, my employer for the last 7 years, have let me go. So if you are a competitor and you want to advertise on this site, send me an email :), or if anyone from Marketing at City Index reads this, you too are welcome to send me an email :))))))
16:16pm - CLOSING CABLE TRADE ON BOTH UNITS AT 1.3982 FOR A TOTAL OF 1083 POINTS PROFITS
Trades 2nd March 2009
Still short 2 units of Cable from 1.4565 & 1.4482
Still short 1 unit of CHF from 1.1736
Closed 2 units of Dow from 6902 this morning for 55 points profit on each
update 14:16pm - taking 55 points on both units in the Dow before the open
I am still short CHF/USD, managing not to get stopped out. If you did get stopped out, consider reshorting around 1.1740-60, if we get there. Stop is now at the high of the day.
update at 11:55am...still short the Cable from last week on 2 units.
have gone LONG Dow futures (cash equivalent at 6902)... will hold for 30-50 point profit - very small and speculative...
update at 08:55am.... sold 1 more unit short of CHF/USD at 1.1760 - stop above 1.1780
Monday 2nd March 2009
Good morning,
SPECIAL MESSAGE: Larry Pesavento sent me a special message. Read it here.
The Dow looks set to open well below 7000 this morning. Some interesting research over the weekend has targets for the bear market near 4000. I saw the Prechter was on CNBC to call for the end of the first leg down.
The DAX on a 240-min chart looks like a low could be near. The two blue lines will gain equality with the DAX futures hitting 3625. It is current trading at 3750. Another 125 points in this market could happen in half a day. Remember early 2008?
I have taken a short postion in the Dollar against Swiss Franc.
Sell short 1 unit at 1.1736 - Stop above 1.1780
The first chart tells the story on the 240 min chart. I am not a fan of calling a bottom here, but it looks to me that some weakness is coming into the US dollar. We may have to wait for the Non-Farm Payroll on Friday. On the 4 hour chart the market has made an impulsive move lower, and is now retracing back up in a wedge formation. This rising wedge seems to take forever, but it is so far textbook material.
Chart no 2 indicates the targets, which are significantly less than the risk incured. Swing traders should enter the market, risking at the current price no more than 40/50 pips. I have no doubt that the London dealers will do all they can to eliminate as many players as they can before the real move starts. Above 1.18 makes me plain wrong on this position, for now.
Sunday 1st March 2009
Welcome back,
The Sterling Dollar chart looks interesting, and I am SHORT.
22nd Feb 09: SHORT 1 unit at 1.4565
25th Feb 09: SHORT 1 more unit at 1.4482
Sterling Dollar 15-min chart
Comment
I will add to my position if we get a close below $1.4100. At this moment in time I am short two units. This means I have shorted and shorted once more.
The 15-min chart is showing there is an attempt to establish a range between 1.41 and 1.44.
I have placed stop above 1.44. Please see the chart below for comment on "1.41".
Sterling Dollar 240-min chart
Comment
The 240-min chart shows a downtrend. You don't need me to tell you that. However, we may linger around in this area for the next couple of days.
The 1.41 area is holding very well. We have the Non-Farm Payroll numbers out on Friday. If anything can break this level, it will be that.
The shorter and longer-term trends are pointing down, and there is a potential AB CD target at $1.38.
ANALYSIS
