If you don’t have a plan. You’ll never succeed at this.
Watching the T.V or looking for a quick tip in some bullshit newsletter is exactly that – bullshit. You might catch one here or there….but without a well thought out plan “days n’ days” ahead of time – you’re hooped.
Recall some days ago I suggested that The U.S Dollar “might” roll over early ( along side U.S stocks and risk appetite in general ) providing for the next fantastic trading opportunity? I think I gave it 6-8 days max.
So here we are. Some 6 days later and whatever “rally” we may have expected in “risk” has really yet to materialize. And of course, Thursdays are “data days” where Wall St. usually makes some of it’s larger moves so…..the timing is exactly right.
The plan is simple.
If USD rolls over and puts in a “swing high” – I’m shorting risk via the following currency pairs:
- Short: USD/JPY, AUD/JPY, NZD/JPY and even CAD/JPY
- Long: EUR/USD, GBP/USD
- Then some form of play on Gold via any number of instruments.
If The U.S Dollar does not roll over/ swing high Thursday. I will “entertain” long ideas, but likely wait until Monday for entry.
So there it is. This is what the pro’s are doing “if indeed” risk comes off….and if not? I’ll look to jump on board for a few little trades in Kool-aide.
I hear it’s all the rage these days.