Please check the stop-sign for open trades, and closed trades
4th March 2009
UPDATE at 14:25pm - before US markets open
I have been stopped out of Cable, still in CHF, will update sheet tonight
I got this from Larry
I WOULD SUGGETS WAITING ON BUYING THE THE CALL
OPTIONS THAT I HAVE BEEN WATCHING
BECUASE OF THE EARLY AM STRENGTH TODAY--BUYING
STRENGTH IN A BEAR MARKET IS
USUALLY A BAD IDEA--LETS WAIT 1 MORE DAY
12:06pm
I am getting filled now on stop for a 43 point profit on half unit. I am moving my stop on 1 unit down to 1.6660...hmm it was a small trade. I am still short 1 unit from 1.6650.... REPEAT STOP is at 1.6660... 10 point risk.... The channel is holdin
Added to my position at 1.6655 (1/2 unit ) - stop at 1.6690 (either it will hold resistance and back down again, or it will take out the stops - I will take this position off again at 1.6600 if it gets there)....
10 min chart of GBP CHF
10:24am
Filled at STERLING SWISS at 1.6650 - will update sheet later today - stop is 1.6715
09:40am
TRADE ACTIVATION:
I want to sell short the STERING SWISS at 1.6630 or higher - stop is 1.6680. I tried once an hour ago, but my platform froze. This was particular upsetting as you can see from the chart below, because it was an ideal entry point at the trendline, which was also 62% retracement (almost)...
So the order is in there, but in general I will not look to do much today. Here is why: We got interest rate decisions out of the Eurozone tomorrow, and we got Non-Farm Payroll Friday. It would be nice to make money every day, but sometimes you just got to sit on your hands and have patience....
100 min chart of GBP CHF
07:00am
Don't forget that we are looking at a key turn date on the 5th March. This could always come a day earlier, so what we are seeing now may be the beginning of the turn. I have buying some May call options in the FTSE index and the Dax index.
Larry Pesavento sent me this comment:
we have entered the window where time and price targets are due--i
am buying the calls i suggested today in the am--there is a possibility i could be early and also completly wrong
--if it works it will pay nicely-- if they fail the loss will be miigated by the cost of the call option only and
they seem cheap
The Dax chart from two days ago is worth having another look at
DAX Index
Comment
The Dax index made two perfectly equal waves (one was 35 points longer than the other, but over 1066 points move, it seems academic), and it could very well be a good support area, especially since we are expecting a turn today/tomorrow/Friday in the markets.
Don't forget though that Friday is Non-Farm Payroll, and will no doubt be a huge trading day.
The market has priced in a lot of bad news.
Wednesday 4th March 2009 - 06:45am
Here is a clue for the morning to indices. I am buying. Indices are all green in Asia. More trade set ups coming by 8am. Please check in during the day...
ANALYSIS
