What's up on this quiet Monday?
Volumes are low, ADX numbers are declining across the board, and it's Monday, so the best thing to do now is to stay away from your charts and not be tempted to place a trade.
Wait until when? That we don't know. If you want to surf a wave, might as well be a strong one, otherwise you won't have any speed and end up falling into the water. I know that metaphors are annoying and this one is not my best piece of work, but on the bright side it has the advantage of being clear: if you try to get rich now you'll die trying. Word up.
On the charts
All the trends are unchanged: yen is free falling, USD is on its way to the top (!), new records are being made almost everyday on SPX and Nikkei. Again there is political will behind those trends, not free markets or demand/supply law.
Looking into details:
- Nikkei is still fighting with the 17 500 resistance levels. Wait for a break.
- USDJPY peaked at 119 and is now in a range between 117,400 and 118,400. Wait for Nikkei to break to trade.
- EURJPY was rejected rather strongly at 149 after its incredible climb from 135 (that's 1 400 pips in one month...). This pair reacted more than USDJPY because the Euro is getting slammed. As I suggested, EURUSD long at 1,25 was not the best trade ever. All the people who saw a bottom there are now 100 pips in the red. I didn't know that the pair was going lower, I just wanted to avoid trading a low volume counter-trend move.
- SPX is above 2060 and never looks tired. The 'dip' to 1800 last month gave it enough power to continue climbing and nothing seems to be in its way.
Volumes are low, ADX numbers are declining across the board, and it's Monday, so the best thing to do now is to stay away from your charts and not be tempted to place a trade.
Wait until when? That we don't know. If you want to surf a wave, might as well be a strong one, otherwise you won't have any speed and end up falling into the water. I know that metaphors are annoying and this one is not my best piece of work, but on the bright side it has the advantage of being clear: if you try to get rich now you'll die trying. Word up.
On the charts
All the trends are unchanged: yen is free falling, USD is on its way to the top (!), new records are being made almost everyday on SPX and Nikkei. Again there is political will behind those trends, not free markets or demand/supply law.
Looking into details:
- Nikkei is still fighting with the 17 500 resistance levels. Wait for a break.
- USDJPY peaked at 119 and is now in a range between 117,400 and 118,400. Wait for Nikkei to break to trade.
- EURJPY was rejected rather strongly at 149 after its incredible climb from 135 (that's 1 400 pips in one month...). This pair reacted more than USDJPY because the Euro is getting slammed. As I suggested, EURUSD long at 1,25 was not the best trade ever. All the people who saw a bottom there are now 100 pips in the red. I didn't know that the pair was going lower, I just wanted to avoid trading a low volume counter-trend move.
- SPX is above 2060 and never looks tired. The 'dip' to 1800 last month gave it enough power to continue climbing and nothing seems to be in its way.
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