Finally! After a pretty grueling couple of days, bobbing in and out, hovering around my trade terminal like a spy drone…There it is! Nearly every single pair / trade well in profit and time to take profits.
You’ll need to pull up charts on many, many pairs to see the end result of trades entered ( then re entered etc ) in NZD/USD, AUD/USD, EUR/USD, GBP/USD, USD/CHF,AUD/JPY,CAD/JPY and a big winner in EUR/NZD to name a few.
I will plan to take the majority off the table here either this morning, or let a couple of run through the day but……in all – I now look at monthly charts to see just what’s happened here over the past few days and the message is clear.
This is very likely only the “first leg” down in what will shape up to be a “much larger correction” ( as suggested previously ) running into late March – right around the time I expect “full-scale panic” and the printing pressed to start-up again.
Japan already knows it’s in very deep trouble ( and has been forever ) with effects of QE very quickly dissolving. I don’t think they “or” the U.S will have any choice but to kick things into high gear “printing wise that is” come late March.
Trade wise….I’m taking the weekend off, and booking /planning next weekend’s trip to the tiny broken islands off the coast of Belize ( The “Blue Hole” and Ambergris Caye – please google them) as the “math and theory” is already complete for the coming weeks.
These trades and several others will simply be “re entered” at various points along the way as……we’ve finally come over the crest, and find ourselves on the “other side” of the mountain.
A painful and extremely frustrating process but….the next “peaks” are certain to be sold.
Hope everyone else made out OK too!
Kong……..”more than” gone!
Kong…Happy profit taking!!! …FOMC trades paying off nicely.
Please keep in mind ( as suggested here many, many times ) regardless of the near term action, we have now entered the “peak zone” of business cycles running some 5 years now, and with the move towards “tapering” and now global concern that the “free money” is ending – we are clearly entering a time of “contraction” not “expansion” so…….
Dips to be bought…..not the strategy.
Peaks to be sold.
I don’t doubt at all that markets will zig n zag up “around here” for some time….but it’s the mentality of the trader that MUST change! Being optimistic in a downtrend is just plain foolish..
The market goes where it goes, and it’s our business to take money from it – regardless of direction.
just wanted to say thanks. your conviction has helped me back my ideas the last few weeks and i’ve done ok. much appreicated
Fantastic, and thanks for the kind words.
Conviction a “big help” in these crazy markets.
No “Forex Puss” here!
BTW, it cost me a small fortune to learn there is no support in a down thrust and no resistance in an up spike.
Thanks for the keen analysis.
He he he……you bet – a tough couple of days fighting it out in the trenches but – all gone according to plan.
Your lessons learned may have been “expensive” but hopefull worth it in the long run.
Thanks for the suppport Dev! And everyone!
I’m clearing my trade this morning. Should be back to 100% or 99% cash. How about you Kong?
Prett much yes…..
I imagine the ol “buck” will take a short rest here around 80.43 – 80.51 so…..no point in pushing things. I might leave a couple over the weekend.
Hopping in and out on the smaller time frames (once trend has been established) is pretty standard for me, and I don’t like “hanging around” in these markets too long.
Left Short EUR/JPY and newly initiated Short GBP/JPY position over the weekend. Otherwise I’m cash!
Horray for a good week thanks Kong enjoy the weekend.
Have a good one!
Yes a very good week, being only the second time stepping into markets for the entire month so…..great to see some movement / action.
I too have a couple things hanging, but not a worry in the world.
Time to get outside!!
I use freestockcharts (.com) for my charts but $dxy is delayed. What do you guys use?
Had one AUD/USD entered too early but closed in profit for ~ 20 pips, then another that got stopped (lost R), and another one that went “very well” (2+ R). I could have let this one drag lower but it reached my target so i decided to stick with my trading plan. Still tip toeing this thing as i’m learning. The curve seems endless so no need to want to play warrior alongside our mentor Kong. Making right calls is in itsleft a gratification for me at this stage. The rest will come later.
Have a good week-end y’all. Cheers from France.
Fantastic work Bros….amazing!
Taking profits and “learning to just be satisfied” with what you’ve got is a big part of it.
I take profits and watch trades jet off further in the same direction all the time! In the beginning I used to curse “damn it!-It’s like this computer “knows” I’ve just sold! And now the damn thing moves 200 pips! GRRR!!
Now a days I don’t even think about. Just get back out on the field and line up the next one, just with a little more gas in the tank.
Great work man.
Stellar performance once again Kong!
I caught some good moves on CAD pairs, which was nice, Kong caught good moves on ALL Pairs! Hats off!
Thanks David….good to hear.
CAD on the move now it appears….GBP gonna roll over here soon too??
I’m leaving a couple irons in the fire over the weekend, but ya looking across the board..
I think I hit 12 outta 12!
Thanks for the “shout out”! Have a great weekend!
Nice trading Kong! I missed that last move….no irons in the fire. Next time. Have a great trip man!
Thanks Kong great trades on forex this week and I will watch out for your thoughts in coming days – have a great island trip !
We hit that lower spx channel that has held up over the last 2 years. I personally don’t think we will just blow through it. Should be getting a bounce. Anybody have an opinion?