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" Life's what happens to you, while you are busy
making plans" John Lennon
13:44pm - WOW!!
I have not seen one of those moves in CHF for a long time. I am doing something silly here. I am scalping short at 1.1909. Stop at 20 points higher. Profit limit 40 points lower. Just to keep my from rusting up today...I am away from my usual trading room, so I have no TV here. Don't know what has happened.
12th March 2009 - 08:34am
Good morning,
The trade sheet has been updated. The count is currently some 2200 points profit over some 25 trades over the last 10 or so days. The Sterling Dollar trade has been closed as per the alert last night, sent to your email. I got stopped out this morning at 1.3805. Total profit on the two units are displayed in the trade sheet.
I then re-entered again immediately, and I am disappointed by the severity of the pull-back, especially in terms of the prospect for the forecast sent out. My stop is 1.3740...(which I now see has been hit).
Hmm, that is disappointing for the forecast. We have gone below $1.3750, so it is back to the drawing board. I was asked why I took off a unit at the 1.3890 area. Gann used to hold a core position, and then add to the trade and take it off at key junctures. I am doing the same, trying to hold a core position of one or more units, and play around with the swings, going in and out on the additional unit.
Positions open and recently closed
Long £/$ - 1 unit
Entry 1.3799 - stop 1.3740
CLOSED - MINUS 59 points
Trade Sheet
Larry Pesavento just sent me the greatest piece of information, which I will pass on to you. I spoke to him last night. It seems the whole financial community is hoping this is the low, but there are not a lot of people who are confident. Both the Matrix and some Elliot Wave folks are saying that a new low is probably in the Dow. Anyway, here is Larry's stuff:
Today I received an e-mail from Tom Demark"s website. Tom is an experienced technician and highly regarded in our industry. He also worked with Paul Tudor Jones during the 1980s. The following information was posted on his website and was quite interesting.
"If the S&P 500 can end the day above 712.87 (last Wednesday's close), then it would be the first time in 27 years (1982) that the index closed at a new low one day, then rallied enough the following day to close above its five prior closes. The 1982 instance marked the end of that bear market."
The above was accomplished yesterday...
After reading this paragraph I immediately contacted my good friend Jim Twentyman and asked him to send me the charts for the S&P in 1982. The bottom in 1982 was a very significant event. There were five major planetary conjunctions or oppositions occurring on August 9 of that year, the day of the bottom. Currently we have a similar pattern occurring but without all of the astrological information that we would like to have four major bottom. However we must keep in mind that bear market rallies can be quite vicious and last longer than anyone can expect.
There is one thing that is very important to understand and that is I do not know what is going to happen next nor do I know the extent of the rally if it does continue. What I will do is to update the charts every day for the stock market. The option strategies that we selected for March 5 have at least started in the right direction.
Should the market go below the lows of March 5 then I am confident that this cycle has failed and I would exit any long positions in the stock market.
I will update the site in more detail later today.
ANALYSIS
