For those of you not following me on Twitter (get your head checked…) where I call all of my trades when I take them, I will try to update on my blog when I can.
Currently I have a EUR/USD short in @ 4087 with an order for twice the OE (original entry) @ 4150 and then an order for 4x’s the OE @ 4200.
Eur/USD and S & P 500 are correlated very tightly at the moment, seems one can’t do anything with out the others permission.
S & P – Up for the day and week – well past the 900 level. With a gap right above 900 (I think it needs to close it AND retest 900 before moving up any further). Aiding in the retest will be the Profit takers for this week… first time bulls have made a profit in a while, they won’t leave it out there very long.
Eur/USD – Approaching some semi strong short term S&R. On the 4h charts we can see (whole numbers) that we are in a range between 4200 and 3800 since the beginning of June and we are approaching the 4200 mark. Look out for something to happen at this line (or there abouts). I have some shorts in before it and on it so I can try to catch a down move. If it moves against me, I have my mental stop set around 4350 (above the last highest peak after we entered this range).
I have introduced a friend of mine (the genius type – perfect 800 on math in SATs…you know, NOTHING like me) to the FOREX market. I’ve showed him a few of the things I look out for and have some interesting incite on how he is handling things. I will write an OP ED this weekend about it…
I may take tomorrow off from trading since I’ve hit my targets for the week already, but I doubt it…
See you around the block! OH yeah—-> follow me on Twitter!