Don't believe me? Just bet on Michigan to cover a 20 point spread on the MN Gophers! Easier than trying to predict the stock market huh?!?
Anywho, I've been playing the ups and downs of this market, and while making decent money, it has been trying on me. Yes, I too get worried sometimes. It's frustrating with all the gaps up and down, and although I've made money on nearly every turn, it's time for me to take a break from trading.
Oil should still hit 75ish before a bounce
The SP500 should still make a low around 1070-80 before a sizeable bounce
So I'm putting in limit orders for LONG!!! Positions on SPY, IWM, GBP/USD and AUD/USD. These orders should be filled either late next week, or early the following. I'm not going to watch the markets next week. I'm just going to see how my "future analysis" does and either suffer the consequences or reap the rewards!
Peace
Unbiased Forex and Equity Swing Trades
Friday, September 30, 2011
Saturday, September 17, 2011
OIL Targeting 75, then 65
Oil is on the verge of breaking down with it's ongoing double zigzag correction. 1st Target is 75 area followed by 65 area. I wouldn't be surprised by the 75 area holding for a doublr bottom.
Here's the chart:
Here's the chart:
Friday, September 16, 2011
A Post for My Friend Pogeen
Sir Winston Churchill once said, "If you're going through hell, keep going."
This has to be a traders motto. Trading is a learning process. Did you see my profile for my website? I'm a student of everything, always learning. Any trader worth his salt has taken some licks, but we learn, adapt strategies and continue. Don't give up, set a plan, follow your rules and the money will flow.
On a secondary note, the phrase "worth one's salt" began with the ancient Romans. One reference suggested that the origin of the phrase "worth one's salt" could date back to before 900 B.C. During that time, Roman soldiers were paid for work in salarium, which was an allowance for the purchase of salt. Salt was considered good for human health and was a hard to find commodity. The word soldier, in that era, literally meant 'one who is paid in salt. The 'sal' in the word salarium is Latin for pay. Over the years, the word salarium was shortened and came into the English language as salary. To say that someone is worth his or her salt, you are saying that he or she is worth the wages that he or she earns.
I hope that one day you become worth the wages you earn, although I already suspect that you're worth far more.
Peace,
Jim
This has to be a traders motto. Trading is a learning process. Did you see my profile for my website? I'm a student of everything, always learning. Any trader worth his salt has taken some licks, but we learn, adapt strategies and continue. Don't give up, set a plan, follow your rules and the money will flow.
On a secondary note, the phrase "worth one's salt" began with the ancient Romans. One reference suggested that the origin of the phrase "worth one's salt" could date back to before 900 B.C. During that time, Roman soldiers were paid for work in salarium, which was an allowance for the purchase of salt. Salt was considered good for human health and was a hard to find commodity. The word soldier, in that era, literally meant 'one who is paid in salt. The 'sal' in the word salarium is Latin for pay. Over the years, the word salarium was shortened and came into the English language as salary. To say that someone is worth his or her salt, you are saying that he or she is worth the wages that he or she earns.
I hope that one day you become worth the wages you earn, although I already suspect that you're worth far more.
Peace,
Jim
Wednesday, September 14, 2011
Scaling Into EUR/USD Shorts
I initiated my first EUR/USD short position today at 1.37600. I will add to that position at the 38% and 50% Fibs to establish a full short position @ 1.40200. The downside objective currectly stands at 1.3000.
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