The Official Trading Thread
- Thread starter mGrunin
- Start date
The markets are tanking so badly. Nikkei is down 1,000 points in the last 3 days. Absolutely insane.
S&P right now is going to be testing the 1600 level soon, and if we break under it, all hell will break loose. If you guys think this current market correction is bad, wait until S&P moves under 1600. Expect another 3-4% downfall within a week's time if that happens.
S&P right now is going to be testing the 1600 level soon, and if we break under it, all hell will break loose. If you guys think this current market correction is bad, wait until S&P moves under 1600. Expect another 3-4% downfall within a week's time if that happens.
you certainly are one unlucky individual. although you can probably still expect s&p to hit 1600 in the near future. might want to take the opportunity to double up on your position if the market doesnt break the resistance around 1645
The markets are absolutely spectacular. A market where traders can have a large edge. Without fail, we witnessed S&P once again successfully bounce of the 50 day moving average. We have met this level several times throughout this year and have bounced off it every time. Our recent visit was last week, and we saw it happen again this morning.
For traders, as soon as the bounce began, a long position prints $$$.
Going forward, if you have yet to go long today, then you missed it! We are back in no man's land and your best bet if you are bullish is to wait for a break above 1650. Last week after we bounced, we failed to break 1650 and instead fall 50 points once again. If this time around we head lower sooner, then we would be setting up a lower high...and that isn't a bullish view.
For traders, as soon as the bounce began, a long position prints $$$.
Going forward, if you have yet to go long today, then you missed it! We are back in no man's land and your best bet if you are bullish is to wait for a break above 1650. Last week after we bounced, we failed to break 1650 and instead fall 50 points once again. If this time around we head lower sooner, then we would be setting up a lower high...and that isn't a bullish view.
I'm buying puts in moribund companies. Even if the market surges these stocks will continue to bleed cash and keep falling because they have pretty much no viable future. So far, the strategy is working as planned, and Ill just keep adding more puts on the bounces.
Good, that is a smart way to go about it. For those that want to go short, the best path is by shorting weak stocks. Similar thing vice versa, if you want to go long, then go long on strong stocks. Logical concept, but many tend to go short or long on the whole index instead.
Not looking good right now for the markets. The last time we bounced off the 50 dma last week was a higher bounce before we came back down. This time around we hit a resistance at 1640 and sold off to find support just above 1620. If we lose 1620 again, then expect 1600 to be tested once again.
The current chart pattern is leading into a decending triangle which means that if we keep testing that 1600 level while our bounces become weaker and weaker, then we will be breaking under 1600.
The current chart pattern is leading into a decending triangle which means that if we keep testing that 1600 level while our bounces become weaker and weaker, then we will be breaking under 1600.
You would be about 2 months late to that party. The major Sony move has been since January. If you wanted to trade the next gen news you should have gotten in at the start of May. Sentiment has been apparently been priced in now.
Decided to fire up my forex account again and opened a few positions last night.
Long:
EurUsd
EurGbp
NzdUsd
Short:
AudUsd
Up ~250 pips overnight. I'm trading $5 a pip currently, will scale this with account size as I build it up.
They were longer term positions, aiming to hold for at least two months (originally), wasn't expecting the Aud to drop quite so soon nor the Euro to pop. Not trading off technicals at the moment because I don't have the time.
USD - Short term, there's risk of USD appreciation due to sell off in US Treasuries and weak global data. Bernanke will be speaking about the potential tapering of Fed asset purchases (QE) tomorrow, some expectations are for them to begin "tapering" in Q4 of 2013, which seems unlikely given the volatility in the markets at the moment. I'm guessing Q1 2014, but we'll see.
Euro - Strong balance of payments vs US weakness. Tail risk decreased in the Euro area with ECB announcing the "OMT" which is our version of QE in the Eurozone, except only buying Gov bonds, back in September. This effectively told markets that the economically weaker EU members would not be leaving the Euro. During the crisis a lot of investor money moved out of the Euro and normalisation should push the EurUsd higher.
Long:
EurUsd
EurGbp
NzdUsd
Short:
AudUsd
Up ~250 pips overnight. I'm trading $5 a pip currently, will scale this with account size as I build it up.
They were longer term positions, aiming to hold for at least two months (originally), wasn't expecting the Aud to drop quite so soon nor the Euro to pop. Not trading off technicals at the moment because I don't have the time.
USD - Short term, there's risk of USD appreciation due to sell off in US Treasuries and weak global data. Bernanke will be speaking about the potential tapering of Fed asset purchases (QE) tomorrow, some expectations are for them to begin "tapering" in Q4 of 2013, which seems unlikely given the volatility in the markets at the moment. I'm guessing Q1 2014, but we'll see.
Euro - Strong balance of payments vs US weakness. Tail risk decreased in the Euro area with ECB announcing the "OMT" which is our version of QE in the Eurozone, except only buying Gov bonds, back in September. This effectively told markets that the economically weaker EU members would not be leaving the Euro. During the crisis a lot of investor money moved out of the Euro and normalisation should push the EurUsd higher.
