My “Intraday Trade Alert” seems to have caused a bit of comotion.
I thought it would be a reasonable idea to “follow-up” and quickly touch base on “where I’m at” a full 24 hours later. As per usual my “signal” was a tad early.
USD has most certainly “swung high” here as of this morning, and trades in USD/CHF as well USD/CAD are doing well, with USD/JPY still a tough nut to crack. The weakness in USD has been “surpassed” by even greater weakness in JPY, as the Nikkei Index pushed “once again” right up into it’s over head resistance area.
Would we be considering a full on “breakout” in risk here? And perhaps more importantly – how long would we expect this to last?
I find it a tad “unrealistic” that only days ahead of a proposed missile attack in the Middle East, that investors would be scrambling like mad to buy Japanese stocks no?
As well – considering the “safe haven” aspects of the Japanese Yen ( JPY ) I can only imagine it to “blast towards the moon” should we get firm word that indeed – war on.
Intraday activity is nearly impossible to pin down “forex wise” as these things never turn on a dime, and never happen “all at once”. Trading “small and wide” can make the difference in staying in the game – long enough to hit those “long smooth patches” we all dream about.
I’m very often early…..but rarely ever late.
Kong, I love that you have over 300 followers on Twitter, and you follow NOBODY.
Very kind of you to make mention Andrew.
It’s a stat that “I myself” am particularily fond of as…………….I FOLLOW NO ONE!
He he he……well….in all – I’m not to much for the idle chit chat/ bubble gum convos at Twitter. Perhaps I should “relax” about it.
K & A,
Outstanding chat! You hit on the very few points that separate the $kinners from the $kinned.
>>A: you follow NOBODY.
>>K: I FOLLOW NO ONE!
Exactly. That refers back to the prior post that I will respond to here. I can not resist an opp to state the obvious and later comments on earlier posts are almost instantly relegated to the trash bin of history. I know, all of my posts belong in the trash bin.
>>Andrew, responding re the many that want signals:
>>Whenever someone asks about what to do in a trade or whether it’s too late to get in, it’s clear that person has no plan (or >>worse refuses to follow it)
Again, exactly right. Every published description of a “real” trader includes the characteristic that they call their own shots and do not follow any other trader or guru. It was a red flag that so many came forward when specific trades were posted.
Kong can’t save you. You must save yourself.
>>Andrew, responding re signal services:
>> I create my profits and my losses inside my head
As above. I agree with your unstated ideas about why few profit from such services (been there, done that).
I believe it would be easier for an amateur to follow Kong IF they had a large enough account or went with a “broker” that offered $0.10 pips and 10,000 : 1 leverage. If one can avoid the temptation to commit high leverage suicide, one could learn a lot. As you said, the ultimate goal should be to call one’s own trades regardless of what Kong or anyone else does.
>>Kong, re trades vs ideas:
>>“psychology of it all” more than anything,
Yep. Trading, if one is doing it right, should be boring. The homework is fun and the $ is fun, but the actual trade, not so much. The esoteric, existential aspects are interesting. They are a perfect lab for the human condition.
Bye for now.
hi Kong!
Yes, the Nikkei is the spanner in the works here, since the USDJPY cannot make downside progress until such time as the Nikkei turns down – despite a convincingly weakening USD. This makes for excellent upside dynamics for EURJPY since whatever the USD does, EURJPY only get’s levered upwards! (I must make a note of this for later use). But the caveat is: the Nikkei cannot go much higher based on indicator divergence and macro events, so I remain bearish the UJ !
Looks like we see this EXACTLY the same man.
Nikkei currently “respecting” my downsloping trendling (4h chart) and “risk on the horizon” so….
Onward my friend!
EUR/JPY could run into trouble “should” full blown risk aversion take hold.
When risk unwinds and JPY gets bought – whoah! – It gets bought hard.