Ciao Dario, how are you today?
Regarding September, it coincides with my cycle work on the markets, and I still see a final drop that should happen in 2012 before a big inflationary rally into 2013 and probably beyond.
But this is not to be taken as trading recommendations and it is long term, please follow your own thoughts on the market and your trading methodology.
I simply like to share my analysis, so that others share theirs and we enrich and exchange ideas. This is the beauty of this business, we are all trading different strategies, different time frame, different logic, and different opinions, while at the same time luckily we are as well all surviving and making some pennies along the way
Regarding the double top at 1413.50$ we took it out yesterday and scored a YTD high. We will I think in that case pierce a bit higher too but as long as the low volume remains dominant on the street.
Low volume is significant of retail investors trading, which usually don't know are pretty much always on the wrong side of the market.
Moreover, what I really wanted to see this week, was the dollar staying stable (i.e. not dipping significantly), while the markets make new highs. This practically happened, and is very convincing. I feel that my predicted down leg shall start soon (2/3 weeks or so).
I will definitely keep on observing and learning, just note for clarification than when I refer to the dollar, I mean the US dollar. The CAD obviously works inversely to the USD, so as the CAD rallies the market rallies, because in that case the USD would be dipping lower
Today; last trading day of the OptionX week, it wasn't that much of a shark week as we call it, and this is surprising somehow :-)
Let's see how it unfolds, I will be driving to Paris at market opening, so won't be trading or reading the forums but will check late at night.
Happy trading and catch with you later
Successful people will do what unsuccessful people won't or can't do!
The following user says Thank You to Fadi for this post:
Fadi, these are all valid points and thank you very much for sharing them with futures.io (formerly BMT) community.
I simply go with the price action that I compliment with other external factors such as current news, CAD (and other instruments), bid/ask. Hey, I even take into consideration the quality of the connection to my broker -- in volatile days the connection lost box appears on my screen at list three times more than in regular days -- maybe this is strange to some of you but many times I had to call my broker to flatten the positions due to connection lost.
Last edited by dario1; August 17th, 2012 at 08:46 AM.